Flagler Development Company Begins Construction of 150,000 Square Foot Facility at Flagler Center with Substantial Pre-lease Agreement
biz.yahoo.com
Thursday January 20, 4:58 pm ET
JACKSONVILLE, Fla., Jan. 20 /PRNewswire-FirstCall/ -- Flagler Development Company ("Flagler"), the wholly owned commercial real estate development subsidiary of Florida East Coast Industries, Inc. (NYSE: FLA), has announced today the execution of a long-term lease agreement with Baker Distributing Company ("Baker") for Flagler Center 700. Baker will occupy 122,400 square feet (81 percent) of the building, which is scheduled to break ground next month. The 151,200 square foot office/warehouse facility will be available for occupancy in November 2005. The occupancy rate of existing buildings at Flagler Center is 95 percent.
"This significant build-to-suit transaction continues the tremendous momentum at Flagler Center after the announcement and completion of the interchange at I-95 and St. Augustine Road," said G. John Carey, Flagler's president. "Flagler Center has essentially become a new sub-market adjacent to thousands of new rooftops in southern Duval and northern St John's counties."
Baker Distributing is a wholly owned subsidiary of Watsco, Inc. (NYSE: WSO). Watsco is the nation's largest independent distributor of air conditioning, heating and refrigeration equipment and related products in the distribution segment of the HVAC/R industry. Watsco currently operates from 344 locations, serves customers in 31 states and has annual revenues of over $1.2 billion. This facility will serve as Baker's headquarters.
"We designed and permitted Flagler Center 700 hoping to attract a strong company in need of office/warehouse space in Flagler Center," said Chip Lilley, Flagler's senior vice president and regional development officer. "Baker Distributing is a perfect fit for our park and we look forward to a successful relationship."
John Hulsberg of The Allen Morris Company represented Baker in the transaction, along with Ross Carrier, Flagler's senior leasing director, who will continue to market the balance of the new building.
Flagler Center, formerly Gran Park at Jacksonville, is a 1,022-acre office park planned for 4.1 million square feet of office, industrial and commercial space and 469 acres for nature preserve and roadway right-of-way. Located within the heart of the fast growing South Jacksonville sub-market at I-95 and Old St. Augustine Road, the park currently consists of 771,000 square feet of light industrial and office space. The office park is home to such tenants as ABN-AMRO, Allstate Insurance, Website Pros, Beazer Homes and Nemours Foundation. In addition, Baptist Health will open Baptist Medical Center South at Flagler Center in the first quarter of 2005. |
