"NAI has evolved as one of the four largest and most active property networks on earth," Livingston tells GlobeSt.com. "We have a strong presence in each major market in Florida and we see an opportunity to significantly expand NAI's market share in the northeast Florida region" with the Turner acquisition.
Livingston expects the Jacksonville commercial real estate market to experience "substantial growth over the next 10 years." His Maitland office negotiated leasing and sales transactions totaling $236 million in 2004, a 71% increase over 2003. Property sales totaled $182 million on 130 transactions; 352 leasing deals were valued at $54 million.
The largest lease transaction was worth $8 million for a 570,000-sf facility in suburban Lake Mary, FL, leased by Leisure Bay Industries. The largest sale of the year for NAI Realvest was International Corporate Park in east Orlando which sold for $41.5 million. The developer declined to disclose Turner's 2004 transactional volume.
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