With the large growth that Flextronics has experienced throughout the past decade comes equally large real estate challenges. We have relied heavily on Scott Jessen and Scott Morse’s in-depth experience to help manage our real estate needs, both large and small. They have been instrumental in assisting us with property disposition, leasing, subleasing and identifying markets which have minimized our exposures and maximized our profits.
Flextronics International wanted to design, build and acquire a state-of-the-art contract manufacturing campus as close to the Telecom Corridor in North Texas as possible. They desired 125 acres, municipalities with triple free-port exemption, and wanted to offer tax incentives for both personal and real property taxes.
The Citadel team created a strategy for short-term expansion and long-term corporate campus development. Five different property owners were convinced to sell properties, with two being developers, desirous to build final product. A 10 year, 50% tax abatement on all real and personal property taxes was successfully negotiated as well as overall savings that equate to roughly $15,000,000. The real estate team was awarded the William C. Jennings “Lone Star Award” from the Texas Association of Realtors for the Best Commercial Real Estate Transaction in the state of Texas.