Property will be developed into a 333,345-square-foot industrial park
Chicago-based First Industrial Realty Trust, Inc. has purchased 35.3 acres of land on the northwest corner of John Young Parkway and the future Flora Boulevard extension to develop a 333,345-square-foot industrial park.
The land, which includes more than 30 usable acres, sold for $5.5 million.
The development will be part of the Flora Ridge Mixed-Use Development, which has been approved for 1.47 million square foot of retail space, 760,000 square feet of office development and 420,000 square feet of industrial property under the Flora Ridge PUD. In addition, the development is slated to include more than 2,300 single-family homes, 1,670 multi-family units and 675 hotel rooms.
Within the development, a 788-unit multi-family project is currently under construction just north of Flora Boulevard and south of Ball Park Road, and a 300-unit project has been approved for the land north of Ball Park Road. In addition, a 72-acre plot of undeveloped land adjacent to the industrial site has been permitted for more than 520,000 square feet of commercial and retail space.
David Calcanis, Executive Managing Director of Colliers International, represented the seller. Justin Ruby of Foundry Commercial represented the buyer. The seller was Kelly Properties, a family trust that has owned the land since the 1930s.
“Industrial properties of all types are currently in high demand in this submarket,” said Calcanis. “The COVID-19 pandemic has many businesses increasingly focused on online sales that are being fulfilled through distribution centers in the area. This property offered the buyer an excellent location in a strong market poised for further growth as the Flora Boulevard extension is completed.”
First Industrial Realty Trust plans to build four state-of-the-art clear dock-high distribution/warehouse buildings on the property, ranging in size from 68,000 square feet to 108,000 square feet. The developer will also extend Flora Boulevard through the property to connect with John Young Boulevard.
First Industrial (NYSE: FR) owns and develops logistics facilities in the nation’s top markets, including 1.9 million square feet in Florida.