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ORLANDO-Dr. Phillips Inc., Central Florida’s largest private owner of industrial properties with a two-million-sf portfolio, has brought its 157,000-sf building at 2519 North Orange Blossom Trail to 95% occupancy with the signing of an estimated 10-year lease to Gemaire Distributors LLC.

Gemaire renewed its 41,460-sf space and added 17,970 sf for expanded operations. Dr. Phillips representatives wouldn’t disclose the rent or aggregate value of the total lease but area brokers who work the north Orange County submarket tell GlobeSt.com the lease was probably for 10 years an effective rent of $4 per sf for a total value of about $2.4 million.

Advantis Real Estate Services Co. research shows average asking rent for bulk, office/warehouse and manufacturing space is $4.44 per sf. Flex space is averaging $8.51 per sf. Of Dr. Phillips’ two-million-sf portfolio, 65% is in industrial with the balance in office and medical properties with a small amount in retail, area brokers tell GlobeSt.com.

Advantis won a multi-million-dollar contract in 2003 to lease and manage Dr. Phillips’ commercial portfolio. Locally based Quest Co. had the contract in 2001. Advantis broker Mindy Pierce negotiated for Dr. Phillips in the Gemaire leasing transaction.

Dr. Phillips Inc. and the Dr. P. Phillips Foundation distribute an average $7 million in grants and pledges each year to central Florida nonprofit organizations. Dr. Philip Phillips was a pioneer in the Central Florida citrus industry, responsible for several key innovations in the processing and packaging of orange juice. He owned thousands of acres of groves, stretching across nine Central Florida counties. Phillips eventually sold the bulk of his property to Minute Maid in the 1950s. The property he owned in southwest Orange County was sold to developers who built golf-oriented Bay Hill and other area subdivisions.

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