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Duke-Weeks Leaving Jacksonville to Focus on Orlando, Tampa and South Florida

ORLANDO-The Indianapolis, IN-based REIT is selling its estimated $43 million, fully-leased office/industrial North Florida portfolio because the area isn't large enough yet to handle the developer's delivery system.

By Alex Finkelstein | Updated on December 06, 2000

ORLANDO-Orlando, Tampa and South Florida will be the beneficiaries of $43 million in new construction after Duke-Weeks Realty Corp. sells off its 980,983-sf office/industrial portfolio in Jacksonville, FL early next year. The $43 million is an estimated value of the REIT’s 10 fully-leased buildings at the Jacksonville International Tradeport, Centurion Square and the Office Center at Southpoint.

Duke-Weeks is leaving the Jacksonville area to focus on its three largest Florida markets–Orlando, Tampa and South Florida. The REIT feels the North Florida market is too restricted to create a steady demand for the company’s ongoing projects, according to Duke-Weeks vice president Forrest Robinson. In a published statement, Robinson, who is based in Tampa, calls Jacksonville “a great and growing city but not large enough to capitalize on the Duke-Weeks delivery system.”

In Orlando, the company is building a 61,000-sf industrial structure that is 100% pre-leased for 15 years to Chase Manhattan Bank. Duke-Weeks will also be breaking ground next year on a 450,000-sf suburban office campus for Chase in Tampa, FL, 80 miles west of Downtown Orlando.

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