Baker Distributing Co. of Jacksonville, one of the Southeast's largest distributors of commercial air condition and refrigeration products, has signed an estimated 10-year, 122,400-sf lease at an estimated aggregate rent of $6 million at Flagler Center 700.
The leasing deal brings the planned building to 81% occupancy at the developer's 1,022-acre Flagler Center business park located at Interstate 95 and Old St. Augustine Road. The 771,000-sf park itself is at 95% occupancy. The property is planned for a total 4.1 million sf of office, light industrial and commercial space which will make it one of the largest business parks in Florida.
"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," says Flagler president G. John Carey. "Flagler Center has essentially become a new submarket adjacent to thousands of new rooftops in southern Duval and northern St. John's counties."
Carey didn't disclose the estimated development cost of Flagler Center 700, but area industrial brokers tell GlobeSt.com its hard construction cost will probably be in the $50 to $60-per-sf range, making the building's total estimated cost $9 million.
John Hulsberg of the Allen Morris Co. in Miami negotiated the lease for Baker, a wholly owned subsidiary of Miami-based Watsco Inc. Ross Carrier, Flagler's senior leasing director, represented his company.
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