X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Carl Cronan is editor of Real EstateFlorida.)

JACKSONVILLE, FL-Flagler Development Group is continuing its aggressive acquisition mode, buying nearly $250 million worth of commercial real estate throughout Florida over the last four months. Its latest purchase: the nine-building Jacksonville International Tradeport.

Flagler paid $72.1 million for the 994,380-sf industrial complex in the city’s northside submarket, adding to at least 500,000 sf that it already owns in Jacksonville. Holliday Fenoglio Fowler’s Miami office represented Flagler in buying the 99% leased Tradeport buildings from Jackson Shaw Co., including the assumption of an existing loan on the property.

“This is another step in the diversification of our Jacksonville portfolio, which includes 2.8 million sf of office properties,” says Keith Tickell, Flagler’s executive vice president of development in Jacksonville. “We look forward to the management and expansion of our industrial portfolio.”

Tradeport marks the most recent of several deals Flagler has completed over the last four months, starting with the $29.5-million acquisition of the Bridgeport Center office building in Tampa in March. Flagler followed that acquisition with seven nearby acres in the Westshore office submarket for $8.2 million from Pro-Ject International Inc.

Tickell tells GlobeSt.com that the Tampa site, at O’Brien and Laurel Streets, is being considered as a mixed-use development, possibly including a retail component. “We’re not in a position where we’re going to be coming out of the ground anytime soon,” he adds.

In the Orlando market, Flagler paid a combined $92.5 million for two commercial properties: Maitland Promenade, a five-story office building with 230,000 sf on nine acres, and the Reserve at Maitland, a class A office property with 197,000 sf in three single-story buildings on nearly ten acres. Both of these deals involved tenant-in-common owners in a Section 1031 exchange, with Grubb & Ellis Realty Investors representing the sellers and HFF again representing Flagler.

In South Florida, Flagler paid $42.2 million for a four-story, 160,000-sf class A office building at 8051 Congress Ave. that is fully occupied by IBM. The build-to-suit project was originally developed in 2001 by Codina Group, which is now part of Flagler.

Coral Gables-based Flagler is involved in approximately 9.8 million sf of office and industrial space statewide, either through direct ownership, development, leasing and joint ventures, with another 1.2 million sf under construction. It also owns 921 acres statewide with entitlements for up to 16.5 million sf.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.