The Tampa-area discount furniture retailer is planning to build a 700,000-sf distribution plant on the Sample Road site just off the Sawgrass Parkway, a toll road that feeds Interstates 75 and 95 and provides the company with immediate access to consumer markets from Key West to Vero Beach and from Fort Lauderdale to Naples.
Citing construction industry standards, GlobeSt.com estimates the furniture retailer will pay about $25 per sf or $17.5 million to erect the building, excluding anticipated development discounts.
The transaction required something of a concession from another development company that is negotiating with Pan American Group to acquire a 40-acre parcel neighboring the Rooms to Go site, Chris Metzger, senior director with Cushman & Wakefield of Florida Inc., tells GlobeSt.com. Metzger, along with Rick Etner, a senior director, and Sky Groden, an associate, represents Pan American in both deals.
Coral Gables, FL-based C&S Real Estate Development Corp., a company controlled by Armando Codina, chairman, and managed by Stephen A. Stepner, president, agreed to waive rights on part of a parcel they originally sought in order to facilitate the Rooms to Go deal.
It is uncertain how much C&S is now offering for the 40-acre site because Metzger says he cannot discuss details of that deal until it closes.
Along with Lee Katsikos, a senior broker with Miami-based Doran Jason Group Inc., Cushman & Wakefield is representing C&S as exclusive agents on the build-to-suit warehouses the developer is proposing for the 40-acre site.
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