Atlanta's Aaron Rents Takes 50,000 SF

TAMPA, FL-Aaron Rents Inc., the Atlanta-based office and residential furniture/applicance manufacturer, has selected Metropolitan Life Insurance Co.’s Tampa Distribution Center for its new Florida base.

Aaron is leasing 50,000 sf for five years at an estimated aggregate rent of $1 million. Aaron’s presence brings the 955,000-sf park to 95% occupancy. Average area asking rents are $3.75 per sf to $5 per sf.

“Aaron was looking for a central location with good highway access,” Irene Martinez, associate, leasing services, Advantis Real Estate Services Co., Tampa, tells GlobeSt.com. “This center is in a great location, off 50th Street in East Tampa, perfect for them.”

For the six months ended June 30, Aaron revenue rose 11% to $274.2 million but net income fell 13% to $12.3 million, according to its 10Q filing with the Securities and Exchange Commission. Aaron was trading on the New York Stock Exchange at $17.10 per common share, unchanged, on Friday, Sept. 10.

The stock’s 52-week high-low is $19.50 per share and $11.75 per share. The company has a market capitalization of $341 million with 19.9 million shares outstanding. The stock’s price/earnings ratio is 13.46.

The 29-year-old Tampa Distribution Center is home to national tenants Paskert Distributing, RPS and Business Archives. Martinez represented Metropolitan in the leasing transaction.