The joint venture's players are The Alter Group of Chicago andMiami's Southern Facilities Development. CB Richard Ellis Inc. isthe exclusive leasing agent. Projected rents in the four-storybuildings are $18 psf triple net and $14 psf triple net in theone-story facility.

Southern Facilities principals invited Alter to work the deal.Southern has been monitoring the site's development potential since1998 when it acquired options from the city to buy the dirt. Theoptions cost $79,200 annually or 1% of the land's 1998 appraisedvalue. The 48 acres have a 1998 fair market value of $7.9 millionor $164,583 per acre ($3.78 psf).

Behind the options deal is a strategic move made two years agoby Southern principals Chip Abele and Jose Boschetti. Theycontracted with the city to lease 14 acres annually for $200,000 or$14,286 per acre. The developers also took an option to takelong-term leases on five city-owned parcels at what is now known asFort Lauderdale Industrial Airpark.