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Developer Finds Undiscovered Florida Industrial Niche

The type of flex space he had done in Pittsburgh could be found in larger Florida cities like Tampa and Miami. But not in Naples.

“I checked out 13 different properties and I couldn’t find one of them that was similar to what I was building up north for 30 years,” Bill Corace tells Globe.St.com.

Corace was doing flex space projects in Pennsylvania when his brother Dick, also a developer, asked him to look at the Naples market in southwest Florida. Dick Corace was somewhat of an innovator himself: among his local projects in Florida was a condo development known as Kalea Bay, which featured an unusual fourth bedroom for use as a home office or den.

The Corace brother’s 250-page market study was done three years ago. The result was a first for the area: BizPark. It was an immediate success.

It’s 40,000 square feet of space in three buildings. “We call it high-end flex space,” Corace says. The buildings attract tenants who want just that: flex space for class A offices with combination showrooms or storage or assembly sectors or other areas.

Flexible Space Increments of 800 Square Feet

Single suites are 1,682 SF, but they can be combined for larger space needs. Spaces can be divided to as small as 800 SF or just about any combination in increments of 800 SF. All spaces are air conditioned and have their own bathrooms and HVAC controls.

Corace says it was also a surprise to him that similar projects could not be found in the Naples area, which is among the wealthiest areas in the state but only about one third the population of Tampa Bay.

The BizPark is getting rates of $22-26 per square foot, while light industrial is more like $12-15.

With his first project 85% leased, Corace is now looking at a new site near the Regional Southwest Airport in Fort Myers, about a 30-minute drive to Naples.


Source:  GlobeSt.

4 properties

Daniel P. Cook

Daniel Cook is President and owner of Cook Commercial Realty, Inc. He has been licensed in Florida since 1988 and has tremendous knowledge and expertise in the commercial/ industrial sectors of North Dade, Hialeah, Medley, Doral, Airport West and South Broward submarkets. Our boutique-style brokerage company has a strong commitment to our client’s needs. WeRead more

Jason Lichten

Jason Lichten has over 19 years of experience in the commercial real estate and construction industry. In the past 19 years, Mr. Lichten has leased over 150,000 square feet of industrial space, 30,000 square feet of office space and leased over 40,000 square feet of retail space. In addition, Jason has managed over 3,000,000 square feetRead more

David Perlman

David Perlman is a licensed Sales Associate with Cook Commercial Realty Inc. As a Miami native, Mr. Perlman is intimately aware of the nuances of distinct real estate neighborhoods in the Miami-Dade area, with a focus on the commercial/industrial sectors.  He supports his customers through effective listening of their unique requirements, and works hard toRead more

Michele L. Horgan

Michele Horgan has been with Cook Commercial Realty, Inc. since January 2000. She is an executive assistant to the president with extensive experience in office management. Some of Ms. Horgans’ responsibilities include marketing, research, updating available inventory, accounts payable, and accounts receivable. She received her Florida Real Estate License in 2001.  This accomplishment not onlyRead more