Flagler Pays Duke $23M for 599,000 SF of Office, Land

JACKSONVILLE, FL-Locally based Flagler Development Co., one of Florida’s largest property owners, just got bigger with the $23.3 million purchase of four buildings totaling 599,000 sf and 4.76 acres of developable land from Indianapolis, IN-based Duke Realty Corp.

The tax-oriented deal allowed Flagler to buy out Duke at three buildings in Beacon Station, South Florida’s largest business park, located northwest of Miami International Airport. Flagler and Duke had owned the buildings in a 50-50 joint venture. The three 180,000-sf, 100%-leased buildings were constructed in 1999.

In Jacksonville, Flagler acquired the four-year-old, 59,000-sf, 100%-leased Office Centre at Southpoint and the land along J. Turner Butler Boulevard in the Southpoint corridor. Another 59,000-sf building can be built on the site.