American Tire Distributors to roll into bigger space - Tampa Bay Business Journal:

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is tripling its warehouse space in the TampzBay area. The Huntersville, N.C.-based company signed a 10-yeat lease for roughly 147,000 square feet at the new in East saidRick Narkiewicz, who brokered the lease for building ownerf It's the biggest local lease deal so far this year and values at more than $17 million. American Tire's local employees should move into Building Ein June, Narkiewicz The center will serve as the distribution hub for deliveriew to retailers throughout central Florida. The compang claims it's the largest distributor of tires and tire products inNorthu America. Telephone calls to a company spokesman weren't returned by deadline.
Building E is the first Tampa area buildintg developedby Atlanta-based IDI, one of the largesgt industrial developers in the country with 119 milliomn square feet. IDI is nearing completion on a 385,619-square-fooy building at Madison Businesss Centerit hasn't yet leased. And it will starrt construction in July on its second locallbusiness park, the 301 Business a master-planned park in the East Tampa/Interstatd 75 industrial corridor north of the Madisonh Industrial Park site, near the intersection of interstates 4 and 75.
America n Tires' expansion shows that nationak companies realize how important the Bay area is tothei growth, said Narkiewicz, a first VP at Despit a marked slowdown in retail and officew leasing, he contends that Tampa's industrial markeft remains healthy. In last year's fourty quarter, the local marke experienced a spike in leasing activityfrom what's calles national-credit tenants, such as Americanb Tire, at record he said. Recent expansions includer Iron Mountain, Tire, Shaw Carpet, Prologix and Empire While anestimated 2.
1 million square feet was being built at year end in east the additional space gives those tenants choices for the firstt time in several years, Narkiewicz The overall industrial vacancy rate was 4.3 percent in the fourth according to CB Richards Ellis. In the East Tampas submarket, the rate was 3.6 percent and the averagde asking lease ratewas $6.75 a square foot. Researcbh Director Randy Smith agreed that the market remainecd relatively healthy in 2007 eventhougyh 1.5 million square feet was built during the year.
Smith projects that industrial rentap rates will increase anothe 2 percent to 3 percent in 2008 althougy demand will likely weaken in response to slowinf consumer spending and sluggisjeconomic growth. Statistics from show that companies were trying to find subleasr tenantsfor 261,795 square feet in Hillsborouguh County in the first two months of 2008, the highestg amount in five years. In comparison, 498,753 square feet of industrial sublease space hit the markeyt in 2002 followingthe Sept. 11, 2001, terroris attacks. Huntersville, N.C.-based American Tire Distributora was founded in 1935 with one storesin Lincolnton, N.C.
It had its firsf major expansion in 1985 when it bought Beach Tire Mart and addec five distribution centers in Florida and the In 2005, sold what was believeds to be a 70 percent, or $700 million, stakr in ATD to . At the time of the American Tire operated more than 70 distributiomn centers that carried four majodreplacement brands: , , Goodyear and . That helped grow American Tire from what was a regional playefr in the 1990s to anational distributor, the Daily Deal reported.