BEST PRACTICES/COMMERCIAL REAL ESTATE
PERSISTENCE, PATIENCE KEY IN CLOSING DEALS
In early 2016 an old friend and fishing
buddy, Scott Deal, founder of Maverick
Boat Company, invited me to a quiet lunch
with a singular purpose in mind — my assistance
in finding a building large enough
and geographically close enough to
expand his very crowded 77,764-squarefoot
marine manufacturing facility into a
new satellite operation. Deal was mindful
that the improving economy was leading
to boat orders that his company-supplied
dealers were clamoring to fulfill, placing
additional delivery pressure on an already
stressed manufacturing line.
After investigating some 24-plus buildings
and not an unfair amount of what
Deal would refer to as “train wrecks” over
a period of six months, no existing facility
proved to be suitable in both size, location
and utility. We soon determined that the
renovation and upgrades necessary for an
existing facility made it apparent that constructing
a new building would be justified.
It wasn’t only from a cost perspective,
but that of the marine industry manufacturing
requirements specific to the larger
outboard powered boats that customers
wanted in Cobia, Hewes, Pathfinder and
Maverick Boat Group products. Also of
paramount importance to the client was
the need to “keep the location local.” The
concerted effort at training and retention
of Maverick’s 276-person skilled workforce
on the Treasure Coast was a key component
for the intended expansion.
We examined at least seven sites and
after careful investigation, placed under
contract a well-located 36-acre site within
a mile of the company’s existing facility at
the Treasure Coast International Airport
and Business Park. The new property
was unique in that it had been a sand
mine in its former life, now appearing as
overgrown lakefront property. Challenges
included endangered species and how to
best position the new building envisioned
by Deal and his team. The light industrialzoned
site had been previously engineered
for multiple smaller buildings, and
they had to work around the constraints
of the existing lake. Fortunately, there was
the opportunity to fast track with local
and state-wide jurisdictional agencies.
They had the assistance of a strong team
of environmental, hydrogeology and geotechnical
consultants, engineers and the
Economic Development Council of St. Lucie
County. The applicant was
permitted to proceed with the
project within a seven-month
period. After groundbreaking
in January 2018, Maverick
Boats was off to a fast start
and building boats by July.
The Maverick Boat Group expansion
represents a $6.68-million
capital investment in the
PHILIP STRAZZULLA
local manufacturing project
and will provide more than
100 new jobs in the Fort Pierce
facility, adding to their existing skilled workforce,
many of whom have been with the
company in excess of eight to 10 years.
EXPANSION AND PROTECTION
During this time of marine industry
expansion, Pat Murphy and I listed and began
to advertise a 79.46-acre light industrial
tract located southeast of the Treasure
Coast International Airport. Although the
subject site was well-positioned on St.
Lucie Boulevard, with appropriate zoning,
preliminary approvals and utilities, it was
also home to several endangered and
protected species, making future development
less certain and difficult.
Fast forward to August 2018, when
Malibu Boats Inc. purchased Pursuit Yachts
in Fort Pierce, just west of the 79 Acres.
Pursuit knew that the recently completed
45,000-square-foot expansion of its
own facility, located west of and adjacent
to the vacant light industrial acreage, was
going to be insufficient for its future needs.
Malibu, as the new owner, was going to
need to expand the manufacturing capacity
of Pursuit in line with its investment
goals. In order to relocate certain production
tooling to Fort Pierce from Michigan,
where Pursuit had previously built some of
its larger yachts, executives planned a new
slate of manufacturing additions in support
of their product line, so they worked
to place the 79 acres that we represented
under contract. Early on we were able to
work closely with Pursuit’s management
and identify a team of consultants necessary
to plan and facilitate their objectives,
as well as garnering the assistance and
support of the Economic Development
Council, the State of Florida and St. Lucie
County commissioners.
Pursuit, which owned 30 acres of
vacant land adjacent to its existing facility,
50 TCBusiness.com
Philip Strazzulla is a licensed
Florida commercial Realtor
with 33 years experience in
a wide variety of property
types and has focused
on acreage and predevelopment
properties
for the past 18 years.
PERSISTENCE: “firm or
obstinate continuance in a
course of action in spite of
difficulty or opposition.”
knew that its own company land
held a colony (or several colonies) of
endangered Florida scrub jays. Company
officials, along with their team of environmental
consultants, quickly developed a
preservation plan and over a 10-month
period, worked with local, federal and
state agencies to establish St. Lucie
County’s first Scrub Jay Mitigation and
Protection Area, south of their existing
facility. The principals and agency partners
then agreed to dedicate this land in
concert with the proposed expansion of
Pursuit onto the new lands to the east,
creating more than 67.7 combined acres
of upland preserves and more than 9.2
acres of lakes and retention areas.
As a result of this planned new development,
Pursuit will be permitted to
construct a new 400,000-square-foot
manufacturing facility on the balance of
their combined 131 acres, which supports
a capital investment of $18.5 million
and will not only enable it to retain 402
existing jobs but create 200 new jobs in
conjunction with its planned expansion
and growth.
We are proud to have been part of
the lead brokerage selected to assist in
both the representation of the land and
in helping to identify the team of professional
consultants and agency partners
necessary to bring this project and others
to fruition, supporting the expansion of
local jobs to the community. v
/TCBusiness.com