Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Walgreens Healthcare Plus Inc., eager to expand its mail-service pharmacy operation, has purchased a 133,689-sf distribution center in the SouthPark section of the 4,000-acre Orlando Central Park development in south Orlando.

Jacksonville, FL-based Flagler Development Co., which built the structure, declined to disclose the sale price. But area brokers familiar with the SouthPark inventory tell GlobeSt.com that the price was probably about $20 million or $150 per sf. Brokers estimate the structure was built for about $125 per sf or a total $16.7 million.

“The building was originally constructed as a build-to-suit for a single tenant and is ideal for Walgreens,” says Flagler president G. John Carey. “This transaction works out extremely well for both buyer and seller.” Carey says the deal allows the Illinois-based drug-store chain to occupy the facility “far sooner than if they had constructed a building.”

Besides providing pharmacy-benefit management services through Walgreens Healthcare Plus, the company’s managed-care division also operates three mail-service pharmacies and provides home care and specialty pharmacy services.

Roger K. Rebman, president of Maitland, FL-based Rebman Properties Inc. negotiated for Walgreens. Damien Madsen, Flagler’s leasing director, represented his company.

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?

Dig Deeper



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
Live Chat

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