Dr. Phillips representatives would not disclose lease terms but area brokers familiar with the properties tell GlobeSt.com the leases were probably both for five years with an aggregate gross value of $7.3 million.
In the largest renewal, Southeast-Atlantic Beverage Corp. of Jacksonville, FL is staying put in its 40,037-sf space at 1969 W. New Hampshire Ave. in the Silver Star industrial corridor. Area brokers tell GlobeSt.com the estimated effective rent in that 201,053-sf, 100%-leased property is about $3.50 per sf. The estimated aggregate value of the lease is $7 million, area brokers tell GlobeSt.com.
At the second Dr. Phillips property at 4500 W. Seaboard Road, OKI Supply Co., owned by Tokyo-based OKI Electric Industry Co. Ltd., is renewing 16,613 sf at an estimated $4 per sf. Area brokers tell GlobeSt.com the estimated aggregate value of that lease is $332,260. The 97,213-sf Seaboard Road property is 90% leased.
"While the local industrial market's engine is not yet running on all cylinders, it is also no longer sputtering," notes Lisa M. DeVore, research director at Advantis. "2004 was widely expected to be a year of recovery in the commercial real estate market and that is exactly what it is turning out to be."
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