Odom is a regional beverage distribution company that commands a significant portion of the market in the PNW.
Odom’s board opened the brokerage selection process to brokerage teams through a competitive RFP process. The RFP requested that teams outline strategies for the future state of their distribution facilities. 5 teams competed for the assignment. Odom ultimately elected to retain our team, which resulted in our ability to advise them to downsize and relocate one of their main DC’s from Renton to Tacoma. We were successful in reducing their rent obligation by over 30% and opex spend by 20% when compared to the renewal they had on the table. We targeted this particular Prologis asset because of its proximity to the Port of Tacoma and the amount of time the space had sat vacant. Being the final vacancy in the newly constructed park, Prologis was highly motivated to fully stabilize their NOI and Odom ultimately reaped the benefit.