Jacksonville, FL-based Flagler Development Co., which built the structure, declined to disclose the sale price. But area brokers familiar with the SouthPark inventory tell GlobeSt.com that the price was probably about $20 million or $150 per sf. Brokers estimate the structure was built for about $125 per sf or a total $16.7 million.
"The building was originally constructed as a build-to-suit for a single tenant and is ideal for Walgreens," says Flagler president G. John Carey. "This transaction works out extremely well for both buyer and seller." Carey says the deal allows the Illinois-based drug-store chain to occupy the facility "far sooner than if they had constructed a building."
Besides providing pharmacy-benefit management services through Walgreens Healthcare Plus, the company's managed-care division also operates three mail-service pharmacies and provides home care and specialty pharmacy services.
Roger K. Rebman, president of Maitland, FL-based Rebman Properties Inc. negotiated for Walgreens. Damien Madsen, Flagler's leasing director, represented his company.
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