Grubb & Ellis|Commercial Florida Completes Deals Totaling Almost 100,000 SF

Tampa Bay retail landlords cutting lease renewal deals to keep Tenants happy

TAMPA, Fla. – Commercial property landlords in the Tampa Bay region have been cutting generous deals to lure new tenants to empty spaces and now they are extending those offers to keep good retail tenants happy, reports Michelle Seifert, (top right photo) associate vice president of the Retail Services Group at Grubb & EllisCommercial Florida.

Lease renewal deals range from rent concessions and interior improvements to legal fees, lease administration, brokerage costs and common area maintenance, Seifert explained.

Landlords are relaxing terms, reducing minimum lease periods or locking in reduced rents for longer periods.

Some property owners are willing to lose a little money in order to avoid a big empty storefront suite, and that means strong tenant representation by an experienced commercial property broker can result in savings worth thousands of dollars.

“This stage of the economic cycle has really shined a spotlight on lease renewals and the value of knowledgeable tenant representation,” Seifert said.

Tenant representation services can earn brokers a paycheck in a slow leasing market, even if brokerage commissions for lease renewals total about half of what new leases generate.

Seifert said her clients have seen a dramatic increase in concessions landlords are willing to offer.

"I just had a landlord agree to a fixed rent and CAM charge for five years--at the same rate the tenant had been paying for the previous five years," Seifert said.

“Right now retail landlords are renegotiating early renewals at minimum market rent even though it might be less than the rate spelled out in the original lease,” she added.

Grubb & EllisCommercial Florida Negotiates Multiple Lease Renewals totaling 29,000 Square Feet in Tampa and Tarpon Springs, FL

TAMPA, FL -- Grubb & EllisCommercial Florida, which is associated with 200 Grubb & Ellis offices worldwide, has negotiated multiple lease renewals totaling more than 29,000 square feet of retail space in Tampa and Tarpon Springs.

Michelle Seifert, associate vice president of the firm’s Retail Services Group, negotiated the transactions representing the landlords. “The change in the economy and the adjustments being made within the commercial real estate industry is providing vast opportunities for the discount retailers.” Seifert said. Some of the most recent renewals include;

Family Dollar Stores of Florida, Inc. renewed its lease of 15,000 square feet at Tampa Festival Centre, (top left photo) 2525 E. Hillsborough Ave. Simply Fashions renewed for 3,900 square feet and City Nails also renewed its lease for 1,200 square feet at Tampa Festival Centre.

Dollar General Stores renewed its lease of 6,700 square feet at Anclote Corner Shopping Center in Tarpon Springs.

At Tarpon Olympic Plaza, (middle right photo) in Tarpon Springs, Seifert represented Tarpon Associates of St Petersburg in negotiating long-term lease renewals for MetroPCS Partners, Inc. with 1,200 square feet and Bright House Networks LLC 1,000 square feet.

“The common dominator between these lease renewals and the economic slowdown is that the most active retail renewals today are the discount retailers,” Seifert said.
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Chapin and Sands Negotiate Sale and Lease Transactions for 70,000 SF of Office and Industrial Space in Orlando

ORLANDO, Fla. – Grubb & EllisCommercial Florida recently negotiated sale and lease transactions for a total of 70,000 square feet of industrial and office space in Orlando.

Fulfillment Partners, Inc., d/b/a Millennium Marketing Group, a 31- year-old Orlando company, leased 49,011 square feet of industrial space for 10 years at 1978 Stanhome Way, in southwest Orlando.

David Chapin, (bottom left photo) senior vice president and associate Nick Sands (bottom right photo) at Grubb & EllisCommercial Florida represented the tenant. The landlord, Dr. Phillips, Inc. was represented by Geoff Brown and John Thatcher of Dr. Phillips.

Chapin and Jay Dixon, vice president in the firm’s Office Group, represented Leland Management/Lake Gloria Holdings, LLC in the purchase of Lake Gloria Office Plaza (bottom right photo) for $3,170,000.

The 20,893 square foot office building at 6972 Lake Gloria Blvd. was sold by RAM Development Partners. John Hines and Dan Colachicco of Marcus and Millichap represented the seller.

CONTACTS:
David Chapin, 407 481 5402, dchapin@commercialfl.com
Jay Dixon, 407 481 5382, jdixon@commercialfl.com
Larry Vershel Communications, 407 644 4142, lvershelco@aol.com