Another development under review is to meet tenant demand in the Jacksonville tight warehouse market of 4% or less of vacant space.
The city is reviewing permits to establish and construct a building for the Commonwealth Logistics Center with a total area of 502,250 square feet in West Jacksonville.
InLight Real Estate Partners in Ponte Vedra Beach is developing the warehouse on 39 acres northwest of Emson Road and Commonwealth Street at a cost of $30.2 million, according to the permits.
InLight purchased and acquired the land on April 5 for $3.95 million from NG Wade Investment Co., and is developing the project under the name Commonwealth Avenue Jacksonville Propco LLC.
Dana B Kenyon is the contractor for the projects as described below:
• Building 1 with an area of 230,060 square feet at 7489 Commonwealth Street, with a construction cost of $1.54 million and a construction cost of $12.28 million.
• Building 2, with an area of 272,190 square feet, at 1700 Emson Road, at a construction cost of $1.87 million, and a construction cost of $14.53 million.
Both are designed as multi-tenant structures.
Terminal 1 is a single loading warehouse and Terminal 2 is a multi-ship hub.
Single stowage, meaning there are berth doors on one side, is traditional stowage.
The port cross dock, with quay doors lining the sides of the building, enables cargo to be moved from one truck directly to another for outbound shipment.
Tyler Newman, General Manager Cushman & Wakefield, and Senior Manager Jacob Horsley represent the project.
Handbook says delivery is expected in the second quarter of 2023.
It is one of several warehouse projects in InLight’s plans in Northeast Florida.
“We believe this market is really primed to take off, and we are in a position to take full advantage of it,” managing partner David Burch said in July 2021.
The founders created InLight in early 2021. It is based in Ponte Vedra Beach and has an office in Atlanta, where some of its executives previously led real estate investments.
“We neither buy nor wait for ready-made garments. Tenants in the market do not have time to wait for appropriate construction projects,” said Charles Margiota, local market officer at InLight.
“We plan to build on the specifications to meet this fast-paced demand.”
This does not exclude construction for a specific tenant if the opportunity is presented.
“This is a modern Class A design specification,” Margiota said.
He said InLight expects to be of interest to national and international companies seeking Class A speculative structures.
InLight Real Estate Industrial Acquisitions LLC previously applied to the St. Johns River Water Management District for InLight Industrial in the Commonwealth of West Jacksonville.
The site is opposite the USPS Bulk Mail Center on Imeson Road, and is across Commonwealth Avenue from the FedEx Ship Center and Firestone GCR Tire Center.
Prosser Inc. is a civil engineer and Environmental Resource Solutions is the environmental consultant.
Atlas Cooperative, headquartered near Atlanta, is the architect.
Cushman Wakefield said in its Q1 Industrial Market Report that the area’s traditional distribution centers, sub-markets in North and West Jacksonville, dominated warehouse rental/distribution activity, accounting for 96% of new deals.
It found that new rental activity reached 1.4 million square feet in the first three months of 2022 at 59%, or 824,400 square feet, in North Jacksonville.
Cushman & Wakefield said that at the end of the first quarter, 3.7 million square feet of space was under construction with approximately 75% of speculation, meaning it had not been previously leased.
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