TAMPA, FL—In what some are calling the most significantindustrial deal in the Tampa Bay area in the last 15 years,Highland Packaging Solutions is moving its operations from Mulberryto Plant City later this year. The food container and labelmanufacturer inked a 240,000-square-foot industrial lease on GordonFood Service Drive.

Rick Narkiewicz, a first vice president atCBRE, represented Highland Packaging Solutions.Highland is filling a hole in the local market, as grocerAlbertsons exits the property it has been using as a distributioncenter in the wake of store closings. Terms of the lease were notdisclosed.

Narkiewicz GlobeSt.com this time last year there were eightclass A or B industrial spaces larger than 150,000 square feetavailable in east Tampa. Now there are just three.

“This drastic reduction in supply should take some pressure offlandlords, quite possibly leading to rent growth and fewerconcessions,” Narkiewicz says. “Net absorption year to date is400,000 square feet. Compare this to two years ago when we wouldhave one million square feet of negative absorption in a singlequarter.”