It will be the second phase of the 5.36-acre project at 12770 Flagler Center Blvd.
Jacksonville-based GEM Products makes stainless steel marine and hardware supplies for boat and yacht builders.
“COVID-19 has resulted in a booming boating industry. The industry is effectively sold out of product beyond the 12-month mark,” said President and CEO Matthew Bridgewater.
“The demand is at a much higher rate than anyone could have ever predicted. People are buying boats to escape, liking the experience, and then buying bigger boats.”
GEM Products invested about $9.5 million in the first phase, based on the costs of the land and construction, but that doesn’t count the build-out, furnishings, fixtures and equipment.
03:38 PM EST Share The group paid $6.75 million for the Jacksonville office-warehouse on Philips Highway for its second location in the state.
Deerfield Beach-based owners of ProCraft Cabinetry Florida LLC bought the former Ja-Ru Inc. headquarters office and warehouse along Philips Highway to open its second location in the state.
P&C Development Florida LLC paid $6.75 million Dec. 15 for what property records show is a 128,856-square-foot building on 5.27 acres at 4030 Philips Highway.
Cathay Bank of Chicago financed the deal with a $4.69 million mortgage.
Jacksonville-based Ja-Ru, a toy importer, developed and moved into a larger office-warehouse in Flagler Center.
Yao Zhao, a member of the ownership group, said Dec. 18 he wanted to open in April or May after about $800,000 in upgrades to the building, which was developed in 1985.