Flagler Development Leases 88 Percent of New Building at Flagler Station and Begins Construction on New Warehouse Building
biz.yahoo.com
Monday June 6, 8:30 am ET
JACKSONVILLE, Fla., June 6 /PRNewswire-FirstCall/ -- Flagler Development Company ("Flagler"), the wholly owned commercial real estate development subsidiary of Florida East Coast Industries, Inc. (NYSE: FLA), has leased nearly 175,000 square feet, or 88 percent, of Building 27 at Flagler Station in Miami. Building 27 is a 200,000-square-foot warehouse that has recently been completed.
The major leases for Building 27 include: Meridian IQ, LLC, a subsidiary of Yellow Roadway Corporation, for more than 70,000 square feet, York International Corporation for over 38,700 square feet, and Customs and Trade Services, Inc. for more than 65,000 square feet.
With most of Building 27 leased, Flagler has begun development of Building 25, a 160,000-square-foot warehouse building, expected to be completed and available for occupancy in October 2005. The overall warehouse occupancy percentage at Flagler Station is currently at 100 percent.
"When we began development of Building 27, we expected a strong level of interest for this type of inventory in this sub-market," said G. John Carey, President of Flagler Development. "These new leases leave us with virtually no available inventory at Flagler Station. The start of Building 25 allows us to meet the additional space requirements of our existing tenant base and new customers."
Stuart Gordon represented Flagler in all three lease transactions and will continue to market the balance of the building.
Flagler Station, South Florida's largest business park, is located northwest of Miami International Airport. Flagler Station is a 980-acre master planned corporate park with 3.5 million square feet of existing space and a planned 3.0 million square feet of mixed-use new development. |
