Colliers International Tampa Bay’s Robyn Hurrell and Ryan Vaught secure leases for more than 161,000 square feet of space at Becknell at Madison Business Center
Speculative industrial development in Tampa leases quickly
TAMPA, Fla. (Jan. 15, 2020) – Becknell at Madison Business Center, a speculative industrial property located at Madison Avenue and Eagle Falls Place in Tampa, is leasing up quickly.
Building 200, a 94,396-square-foot warehouse and distribution space, was fully leased within 90 days of completion; and a 67,208-square-foot lease has been signed for Building 100, leaving just 121,108 square feet available in the 188,316-square-foot building.
When completed, the three-building, 26.3-acre business park will add 393,464 square feet of industrial space to the Tampa market. Buildings 100 and 200 are completed and ready for tenant move-in. Becknell Industrial will begin construction on the 110,752-square-foot Building 300 in the first quarter of 2020.
Tenants include O’Laker’s Moving, Puraglobe and CDS Logistics.
Ryan Vaught of Colliers International Tampa Bay represented the landlord, Becknell Industrial, in all three deals. Robyn Hurrell, also of Colliers International Tampa Bay, represented O’Lakers Moving. Shane Billing with Commercial Asset Partners Realty at the time of the lease execution, represented Puraglobe, and Kris Courier of CBRE represented CDS Logistics.
This is Becknell Industrial’s first property in the Tampa Bay area. Becknell Industrial owns and operates nearly 200 industrial properties across the country, and also owns Florida properties in Orlando, Jacksonville, Tallahassee and Southwest Florida.
“Becknell began exploring opportunities in the Tampa market in mid-2017 and has been actively seeking to expand its presence since finalizing its first site,” said Vaught, Executive Managing Director of Industrial Services, Colliers International Tampa Bay. “We were pleased to secure the leases at Becknell at Madison Business Center in such a short time, with agreements that worked well for all parties.”
O’Laker’s Moving, Inc. leased 23,826 square feet in Building 200. Colliers secured the lease for the moving company after leasing 70,570 square feet of space in Building 200 to Puraglobe Syntainics, LLC. The first deal created an opportunity for a smaller tenant to enter the space.
“Oftentimes, a unit of this size only becomes available after an owner demises a property for a larger user, which was the case in this situation,” said Hurrell, Director of Industrial Services, Colliers International Tampa Bay. “While there’s an increased demand for space in the 20,000- to 30,000-square-foot size range with 24-foot clearings or greater, particularly in east Hillsborough County, there is limited available inventory to meet the need.”
There is, however, an abundance of larger industrial spaces on the market, and this has created a competitive environment for landlords.
“With the larger tenant, we were competing with seven or eight other properties,” said Vaught. “Ultimately, they chose us in part because of how we could guide them through the process and make the deal happen quickly.”
CDS Logistics is the latest tenant to sign a lease to move into the park. The trucking company leased 67,208 square feet in Building 100.
About Colliers International Group Inc.
Colliers International (NASDAQ: CIGI) (TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. To learn more about how we accelerate success visit corporate.colliers.com, Twitter: @Colliers or LinkedIn.