Flagler's Build-to-Suit Timing Pays Off

ORLANDO-Timing is everything in real estate and Flagler Development Co. got it right with the 2003 completion of a single-story, 60,000-sf office building at its 176-acre SouthPark Center in south Orlando. Jacksonville, FL-based Flagler built the property for $9.5 million, or about $150 per sf, and has just sold it for $12.9 million, or about $215 per sf.

Area office brokers tell GlobeSt.com the $215-per-sf price is the highest to date for a single-story, class A structure. JYP Investment LLC of Orlando bought the property which will continue to be managed by Flagler, a subsidiary of Florida East Coast Industries Inc.

Corinthian Colleges Inc. of Santa Ana, CA is leasing the space for an estimated 10 years at an aggregate rent of about $12 million, based on an effective $20-per-sf rent, brokers familiar with the property tell GlobeSt.com. Florida Metropolitan University, a Corinthian enterprise, occupies the entire building.