SpillTech, a company specializing in spill containment products, is used to taking on challenges. So, the company decided it was up to the task of finding distribution space on its own without a tenant representative.
After tracking down possible spaces and researching the locations, it decided to move to 701 Dr. Martin Luther King Jr. Blvd. in Bay Minette, Alabama. The new lease, for 225,000 square feet, reached a competitive rent for the area at $4 per square foot.
The deal was selected by a panel of local real estate professionals as the 2024 CoStar Impact Award for lease of the year for the Mobile market.
SpillTech has made and sold to distributors since 1971 high-performance polypropylene sorbent products used in industrial maintenance and spill cleanup. The new location was facilitated through a leasing agreement with real estate investment trust Store Capital Corp.
The judges noted it was important that the deal helped sustain the local economy.
About the Property: The warehouse was built in 1980. The property has 868,680 square feet on a 39-acre lot with 40-foot clear heights.
What the Judges Said: "Good lease for large distribution facility to help fill the void in that area," plus the deal "helps keep activity, jobs, etc. in that area," said John Vallas of Vallas Realty. Adam Metcalfe of Metcalfe & Co. added that the lease was "important for Bay Minette."
He Made It Happen: Nathan Handmacher of Zarzour Cos. represented both sides to close the deal.