X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JACKSONVILLE, FL-Wal-Mart Stores Inc., the world’s largest retailer, is increasing its Florida presence with the planned fall ground-breaking of a one-million-sf distribution center in St. Lucie County.

The Bentonville, AR-based retailer is paying Flagler Development Co., of Jacksonville, FL, $5.6 million, or $24,561 per acre (56 cents per sf), for 228 acres adjacent to Interstate 95, north of Midway Road between the Florida Turnpike and the Glades Cut-Off Road.

The deal hinged on Flagler and Wal-Mart assuring state and federal environment officials that a bald eagle nesting area would not be disturbed during the development stages of the distribution center, says Flagler president G. John Carey.

“Flagler worked with Wal-Mart and state and federal officials to preserve a bald eagle nesting area that was found adjacent to the project site,” Carey says. “The project ensures there will be no disturbance to the nesting area.”

Another unconventional aspect of the deal involved Flagler donating 16.7 acres to the St. Lucie County government which will build a portion of South Jenkins Road to provide access to the distribution center.

“This transaction is another example of Flagler’s ongoing efforts to dispose of surplus land on a favorable basis,” Carey says. Flagler retains ownership of about 250 acres at this location for future rail-served industrial development. The land is next to Florida’s major highways.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.