Flagler signed four other new leases in the past 30 days--all on estimated five-year terms--for a total 65,339 sf, bringing the park's occupancy to 90%. Flagler officials would not disclose the length of the individual leases or their aggregate rent value.
However, area brokers familiar with Gran Park's progress tell GlobeSt.com the estimated aggregate value of the five leases is $6.53 million, based on an average estimated rent of $20 per sf.
A new park tenant, KB Home, leased 15,012 sf after Howard Lee of Carter and Associates negotiated the contract. Another new tenant, International Accounts Payable Professionals Inc., leased 4,062 sf.
R.J. Griffin Co., a general contractor, renewed its lease for 4,782 sf. And Orlando Central Park Inc. renewed one of its leases at Gran Park for 3,577 sf. OCP leases a total 72,000 sf at Gran Park.
Flagler Development, one of the state's largest real estate developers and the development arm of Florida East Coast Industries Inc., reported gross second-quarter rental properties' operating profit in the second quarter of $10 million, up 1.6% over $2.1 million in the comparable 2002 period.
Gran Park's largest tenant is CHEP International Inc. which occupies 144,000 sf on a 15-year lease signed in July 2002, as GlobeSt.com previously reported. That lease, valued at an estimated $50 million, was the largest office contract in Central Florida in 2002, according to GlobeSt.com research.
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