Source: JaxUSA Partnership
With warehouses in demand and at least one prospect looking for more than a 1 million-square-foot distribution center, North Jacksonville is targeted for a sizable industrial park.VanTrust Real Estate LLC intends to buy 156 acres of industrial property in Imeson International Industrial Park for development of 3 million square feet of space among three to six buildings. See the article here from Karen Brune Mathis of The JAX Daily Record.
Plans have been submitted by Dallas-based Hillwood, the master developer of Alliance Florida at Cecil Commerce Center, and the city, which owns the business park, for a new warehouse. The developer could join amazon.com for a 1.5 million-square-foot warehouse code-named Project Jaguar. The user/prospect is yet unnamed.
Know progressively what Karen Brune Mathis of JAX Daily Record says in regards to this!
Becknell Industrial, an Illinois-based developer and investor, that ventured with Norfolk Southern to build Westlake Industrial Park, expects to go forward with a spec 186,000-square-foot warehouse to deliver by year-end. Guy and Seda Preston with Colliers International Northeast Florida are the leasing agents. Kare Brune Mathis of The JAX Daily Record has the article here.
For the third time recently, an industrial portfolio has traded in JAX. The latest was Cabot Properties’ exit of the market with the sale to NY-based DRA Advisors of about 924k SF of warehouse-distribution space in five buildings around town, four up at Alta Lakes and one at Flagler Center, plus some 16 acres at Alta Lakes.
Earlier in January, MDH Partners of Atlanta paid $54.6M, or $42/SF for seven buildings and 1.3MSF of warehouse space around Imeson Park on the north side of town and Boston-based STAG Partners paid $34.3M of about $34/SF for seven area buildings.
Karen Brune Mathis of The JAX Daily Record has the article on all three here.
An unnamed company is seeking incentives totaling some $8.3M from the state and city for the proposed construction of a 1 million square foot distribution center that could be built at city owned Cecil Commerce Center in Jacksonville’s Westside submarket.
The project sounds very similar to the Amazon distribution center that was announced earlier this year, which was being referred to as Project Rex when they were at this stage of the process. There is a strong possibility that the company behind Project Vero could be Amazon, who has built more than one distribution center in the same market before. In fact, it is somewhat common for Amazon to build one distribution center to pick, pack and ship smaller items, and another to process larger items, such as furniture, sporting equipment, TV’s and other larger consumer products.
The Cecil Commerce location would be about 23 miles south of the location that was already announced, which is at 12900 Pecan Park Road, right off I-295 and just south of the Airport.
There is a lot of speculation regarding a project being referred to as “Project Rex”, which is seeking $18.4M in state and city incentives to locate a business in the area. The company promises to bring 1,500 jobs to the area, and estimates the payroll to be upwards of $51M. The development cost is estimated at $200 million.
Here are some of the facts leading to people to speculate that Project Rex is Amazon:
BMW of North America just announced that it will spend over $30M to construct a 450k SF Distribution Center (DC) within Westside Industrial Park, a park owned and managed by Pattillo. The DC will replace an existing, 210k SF facility already located there. The new facility will be located at 600 Imeson Road, and will be ready for occupancy in April 2017, and fully operational by October of 2017.
The Intermodal Container Transfer Facility (ICTF for short) that is currently under construction near the Dames Point JaxPort terminal is set to be “substantially complete” this month, according to senior JaxPort officials. The ICTF will provide increased efficiency for logistics companies shipping products thru Jacksonville. An ICTF allows for the transfer of TEU’s from large container ships to rail lines in a much more efficient manner, which will in turn make Jacksonville a more attractive place for logistics firms to do business. Expect increased activity in the Northside industrial submarket in coming months following the completion.
Calavo Growers, an international avocado processing company, says it will bring 262 new jobs over the next five years to Green Cove Springs in Clay County, in the southwest section of the JAX metro area, where the California-based company just leased a 208k SF distribution facility formerly occupied by Food Lion. Clay County beat out a competing location near Atlanta. The company has $782M in annual revenue according to its 2014 annual report and an article from Carole Hawkins of The JAX Daily Record.