X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Carl Cronan is editor of Real Estate Florida.)

TAMPA, FL-Unique Industry Corp., an aftermarket supplier of automotive body parts, has renewed its local 35,540-square-foot lease at Fairfield Distribution Center. The company has additional warehouses in Orlando and Miami.

“We were able to negotiate a very competitive renewal rate for Unique that was able to meet their short-term goals,” says Todd Brandon, senior vice president and managing director of UGL Equis in Tampa, which represented the company in lease negotiations. Tim Hain, vice president of Duke Realty Corp., represented the building’s owner.

Brandon adds that Unique was able to secure a lease term aligned to the company’s future decisions. Hain notes that Duke was able to retain the tenant in a highly competitive market due to the advantages offered at Fairfield, such as immediate access to Interstates 4 and 75 and US 301.

Unique has been a tenant at the Fairfield VI building, at 4763 Oak Fair Blvd., for nearly six years. The 156,000-square-foot industrial building opened in 2001 and is one of nine buildings totaling one million square feet at Fairfield Distribution Center.

Overall industrial vacancy in the Tampa Bay market measures 8.7% through the first quarter, up nearly three percentage points over the past year, according to Colliers Arnold. Average asking rents for warehouse space are down 9% over the year, to $5.45 per square foot.

While tenants have the opportunity to lease space for shorter terms with more favorable rates and concessions, landlords are doing whatever it takes to keep tenants in place and rental income flowing, says Karen Temmen, Colliers Arnold’s research director in Clearwater. “Those willing to sign for longer terms have made deals that would have been unheard of in the last few years,” she adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.