Partners kickstart industrial project in development-hungry Flagler County

County officials hope project will inspire other developments

Miami /
Aug.August 05, 2017 01:00 PM

A little more than one month after winning a subsidy from Flagler County aimed at luring developers, partners Erlene Thomas and Jack Beutlich have reportedly closed on the land they need to build a new spec industrial project.

The Palm Coast Observer reported that Thomas and Beutlich, operating under their company Beutlich Development, bought four acres in Bunnell for roughly $340,000 are now moving forward with their plan to build a 20,000-square-foot industrial building at the southwest corner of U.S. 1 and Otis Stone Hunter Road.

ParkSide Realty will handle leasing for the project, which is expected to break ground this year and open its doors in early 2018.

Flagler County’s industrial market has been strapped for available space, the Observer reported, which makes it difficult for county officials to woo industrial companies into moving.

County officials hope that this development will help drive other builders into Flagler County and spur a boon in jobs, the Observer reported. Part of that initiative came in the form of a $90,000 incentive to Beutlich, whose project represents an investment of $1.7 million, according to county documents.

Industrial real estate has been a hot market in Florida over the past year, especially in Miami-Dade County, where a number of spec projects are underway totalling millions of square feet.

Similarly to Flagler County, a lack of available space has helped keep vacancy rates low and rents on an upward trajectory. [Palm Coast Observer]Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
View of the buildings at 612, 817 and 815 Lincoln Road in Miami Beach and Terranova’s Stephen Bittel (Google Maps, Terranova Corp)
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
1600 Northeast 12th Terrace
Triangle Services pays $17.5M for Fort Lauderdale industrial building
Triangle Services pays $17.5M for Fort Lauderdale industrial building
Link Logistics' Luke Petherbridge with 115.7-acre site at 21001 Northwest 27th Avenue (LinkedIn, Google Maps)
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
EverWest Real Estate Investors' Rick Stone and Tyler Williams; rendering of the newly built industrial property at 10900 Northwest 146th Street in Hialeah Gardens (Commercial Property Group, EverWest Real Estate Investors, iStock)
EverWest buys Hialeah Gardens industrial building for $43M
EverWest buys Hialeah Gardens industrial building for $43M
First Industrial Realty's Peter E. Baccile with 1801 North Andrews Avenue (First Industrial Realty Trust, Colliers, iStock)
First Industrial picks up Pompano Beach manufacturing facility for $25M
First Industrial picks up Pompano Beach manufacturing facility for $25M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...