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MIAMI-Pittway Corp. plans to build 50,000 sf of class A industrial space on three acres in Beacon Station at Gran Park. The Honeywell Inc. subsidiary acquired the site for $950,000 or $316.67 per acre ($7.27 sf) from Flagler Development Co., owned by Jacksonville, FL-based Florida East Coast Industries Inc.

Managed by Miami-based Codina Group, the 106-acre industrial park in the Medley/airport north submarket comprises 25 office, showroom and warehouse buildings that are either leased or sold to about 100 companies. Construction buildout is projected at about eight million sf.

Market activity appears strong in the industrial park. Last month, Flagler Development negotiated an estimated $3.1 million sale, or roughly $6 per sf, on a 11.84-acre parcel to Dade Paper & Bag Co., a Miami-based company that plans to build a high-tech plant to improve the manufacturing of its paper, plastic, foam, chemical and janitorial products.

Just recently, Flagler completed construction on a 100,000-sf call center for Union Planters. Work recently started on two other build-to-suit projects totaling 500,000-sf, including a 300,000-sf building for Caterpillar Logistics.

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