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WAI distribution center lease renewal in Memphis, TN
Client
- WAI
- 286,000 sq. ft.
- Transport et logistique
- Automotive Parts Distributor
Services Fournis
Équipe Cresa
Client Objectives
WAI was looking at various locations within its supply chain and distribution networks when deciding whether to renew or consolidate space. The company based their decisions on three major factors: labor, incentives and rental rates. With the help of Cresa’s Miami team, WAI leveraged their tenancy in Southaven, MS and Memphis, TN. Both locations:
- Accommodate and retain employees and attract additional new hires;
- Provide accessibility to both the labor pool in their respective states; and
- Are strategically located in the U.S. to accommodate its distribution.
Results
The Cresa team was able to get various landlords in both markets to compete for WAI as a tenant. The Miami office worked diligently with WAI to follow the distributor’s internal private plan and external public plan. During this process, Cresa was able to get the landlord in Mississippi to agree to a short-term extension on WAI’s current lease that would give the company the time they needed to make an informed decision. After several months of negotiations, WAI ultimately selected to renew its lease and remain in its current location. Through the competitive process, Cresa helped negotiate a fair market rate (that would have otherwise been above market) and achieve concessions from the landlord for free rent and tenant improvement dollars.Related
Success Stories
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The Morgan Law Group
The Morgan Law Group
20,000 sq. ft.
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Egon Zehnder
Renovating and renewing an existing space
7,600 sq. ft.
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e-Builder
Creating a space efficient workplace to accommodate employee growth
28,000 sq. ft.