(Carl Cronan is editor of RealEstateFlorida.)

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JACKSONVILLE, FL-Schafer Development LLC has sold a 75-acreparcel at its New Berlin Commerce Park here to Atlanta-basedOakmont Industrial Group. The new owner plans to proceed with a386,000-sf industrial project at the site to be completed laterthis year.

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Steve Schafer, president of the Farmington Hills, MI-basedindustrial and manufacturing firm, tells GlobeSt.com that the sitehas all the proper entitlements, making the deal more attractive.He would not disclose a specific price for the sale, other than tosay it exceeds $10 million.

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"Oakmont basically gave us an offer we couldn't refuse," Schafersays. "We had a quick closing. It was good for us and it was goodfor them."

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New Berlin Commerce Park was assembled from four separate tractsthat were previously zoned for residential development, Schafersays. The site at New Berlin and Faye Roads is approved for nearlyone million sf of new industrial space, which he believes Oakmontwill now complete. The building will also seek LEED certificationby the US Green Building Council.

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Schafer notes that there is strong demand for local industrialspace despite current national economic woes, especially given theprospects for expansion at the Port of Jacksonville. The area'sindustrial vacancy rate through the first quarter was 4.9%,according to CB Richard Ellis.

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Schafer Development has one other large-scale development inJacksonville—the 810,000-sf Main Street Commerce Park on 92 acresat Interstate 95 and Pecan Park Road near the city's port. It has atotal of 10 million sf of projects in the works in Florida,primarily in the Tampa area, adding to the three million sf thecompany has already developed within the state.

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