Florida Crystals Corporation Partners with IDI For Development of Intermodal Logistics Center in Western Palm Beach County
WEST PALM BEACH, Fla., May 24, 2012 /PRNewswire/ -- Florida Crystals Corporation and IDI, one of the largest privately held logistics real estate companies in North America, have entered into a strategic alliance for the planning and marketing of the South Florida Intermodal Logistics Center (SFILC) in western Palm Beach County – the next step toward the completion of the project.
"This exclusive alliance capitalizes on Florida Crystals' resources as one of Palm Beach County's largest private landowners and IDI's proven success acquiring and developing 143 million square feet of industrial space in more than 566 industrial facilities across the U.S., Canada and Mexico," said Gaston Cantens, vice president of Florida Crystals. "It's an important indicator that our SFILC project is on track and moving forward."
Florida Crystals' 850-acre SFILC site, located between Belle Glade and South Bay, has received the county's approval for up to 10 million square feet of distribution and warehouse space as well as a rail yard. The location is ideal to tap a readily available workforce and is proximate to key infrastructure, including U.S. Highway 27, enterprise zones and rural areas of critical economic concern. The SFILC has received the enthusiastic endorsement of local communities who will benefit from the jobs it will create.
With a Florida office based in Fort Lauderdale, IDI's reach extends to more than 5 million square feet of developments in Central and South Florida. In Miramar, IDI is currently constructing one of the first inventory buildings in the last five years. This 264,000-square-foot office warehouse building is scheduled for completion in August 2012.
"South Florida industrial markets continue to improve. This is primarily being led by the leasing activity in Miami-Dade County, which now has a vacancy of 6.1 percent, and Broward County at 8.1 percent. As these markets continue to improve, coupled with the scarcity and high pricing of industrial-zoned land in Broward and Miami-Dade counties, demand will start to push north and the SFILC project will become a viable option for large distribution users," said Scott Helms, IDI's SVP and Regional Development Officer. "We were drawn to the SFILC project because we believe a site off U.S. 27 is prime to meet large logistics user demand."
About Florida Crystals
Florida Crystals Corporation is a fully integrated agro industrial company that owns 155,000 acres in Palm Beach County and farms 192,000 acres in South Florida, where the company produces sugar and rice products. It owns and operates the largest renewable power plant in North America that delivers clean power to its sugar operations and tens of thousands of homes. Florida Crystals, with its subsidiaries and affiliates, owns and operates sugar refineries in six countries worldwide with a capacity to produce more than 6 million tons of sugar each year. Its subsidiary American Sugar Refining is the world's largest cane sugar refining company. Its brand portfolio includes the leading brands Domino®, C&H®, Redpath®, Tate & Lyle®, Sidul® and Sores®. Florida Crystals is headquartered in Palm Beach County, Florida, where it was founded in 1960.
IDI is a privately held real estate company focused exclusively on industrial property. The company, headquartered in Atlanta, Georgia, provides development, investments, property management and leasing services to corporations, property owners, investors, financial institutions and real estate service providers. Valued at $1.8 billion, IDI is one of the largest privately held logistics property companies in North America with ownership or interests in 32 million square feet of investment grade assets.
Since the company's founding in 1989, IDI has built a reputation for delivering superior quality properties and service. To date, IDI has developed and acquired 143 million square feet of industrial space and completed more than 566 industrial facilities in the U.S., Canada and Mexico. The company's investment portfolio, focused on building long-term value, holds more than 20 million square feet of assets and the company manages a portfolio of 50 million square feet. For more information on IDI, visit www.idi.com.
Florida Crystals Corporation
SOURCE Florida Crystals Corporation