Westport CT, January 11--IWT Tesoro Corp., a distributor of ceramic, porcelain and natural stone floor and wall covering through one of its wholly-owned operating subsidiaries, International Wholesale Tile has leased an additional 196,000 square feet of warehouse space, including space in Dallas, Texas.
Of the additional warehouse space leased, 75,000 square feet is in Palm City, Florida with a term of 15 years. It is expected to be ready during the second quarter of 2005. Also in Palm City, IWT has gained an additional 10,000 square feet of office space by building out an unfinished second floor.
Additionally, the company has entered into a 64-month agreement to lease 120,000 square feet of warehouse space in Dallas, Texas. The new warehouse space is the company's first outside of Florida and is managed on-site by a 10-year veteran of the company. Operations at this branch commenced on December 10, 2004.
The recent increase in warehouse space is part of International Wholesale Tile's strategic plan to increase its amount of inventory in order to best service its client base across the Southeast and the Sunbelt, and gain market share in the process.
"Having a physical presence in Texas was a logical next step in our growth plans," commented Rick McCoy, director of warehouse operations for International Wholesale Tile. "With 'feet on the street' in the Southwest, including California, we are well-positioned to support their sales with cost-effective shipping and an optimal point of origin."
The new agreements will bring the company's total to 430,000 of leased warehouse space, which houses millions of square feet of ceramic, porcelain and natural stone tile that is distributed nationwide to more than 2,500 dealers.
