Imeson Landing Business Park is adding its last two buildings in North Jacksonville.
The city is reviewing construction permit applications for shell Buildings 400 and 500, totaling 128,400 square feet at a combined project cost of $7.5 million.
Arco Design/Build is the contractor for the structures on 24.24 acres at 1250 Imeson Park Blvd., at Imeson Park Boulevard and Zoo Parkway.
It will comprise five flexible and light industrial buildings from 39,000 to almost 69,000 square feet in size, totaling 266,200 square feet.
Building 400 will be 68,400 square feet at a construction cost of $4 million and Building 500 is 60,000 square feet at almost $3.5 million.
Owner and developer Merritt Properties LLC asset manager Pat Franklin said Dec. 5 the two structures would be delivered for tenant build-out in the fourth quarter of 2023.
He said site work has been completed.
The first three buildings, totaling 137,800 square feet, will open by early 2023. Tenant spaces start at 3,000 square feet.
Lining up customers
“Leasing is strong,” Franklin said.
He said Merritt Properties has signed seven customers, including Loomis US, in the completed 137,800 square feet of space.
Franklin said the 39,000-square-foot Building 100 has 6,000 square feet vacant, but a lease is pending. The remainder is leased by five tenants.
The 40,000-square-foot Building 200 has a signed lease for 6,500 square feet, and the remainder is vacant with strong prospects for 15,000 and 20,000 square feet.
The 58,800-square-foot Building 300 signed Loomis for 29,000 square feet. Merritt is reviewing a lease for another 11,000 square feet.
“That makes us 50% leased with another 33% of leases out,” Franklin said.
Merritt Properties announced Sept. 27 that it signed Loomis US as its first tenant. It will lease 29,000 square feet to expand local operations.
Loomis provides cash handling products and services to financial institutions and commercial and retail businesses nationwide.
Baltimore-based Merritt Properties is a commercial real estate developer with more than 21 million square feet of space throughout Florida, Maryland, North Carolina and Virginia.
The investment so far in the almost 25-acre Imeson Landing project is at least $19.1 million, comprising the property purchase and construction costs.
Through Merritt-JAIM1 LLC, the developer paid $1.9 million for the land in November 2021. It bought the property from Imeson Investments Inc. of Raleigh, North Carolina.
In May, the city issued permits for the foundations and shell structures for the first three buildings.
“We cater to small business,” Franklin said during the May 5 NAIOP Commercial Real Estate Development Association Northeast Florida Chapter 2022 Bus Tour.
JLL Managing Director Luke Pope and Senior Associate Ross Crabtree are the leasing agents.
“Given all of the tenant demand and new development, the smaller tenant still has very few options. Merritt’s park in Imeson is the first of its kind in Jacksonville for years,” Pope said in January.
Clay expansion
Merritt Properties also is expanding into Clay County.
Merritt Properties announced Oct. 25 it bought 16 acres in Clay County for the development of a 158,400-square-foot flex-light industrial business park.
“There is increased demand for small-bay, dock-loaded product throughout Jacksonville, so we are confident that this park will be well-received by a wide range of companies who are seeking office and warehouse space. Buildings will primarily cater to small businesses needing 2,700 to 10,000 square feet,” Franklin said in a news release.
Merritt bought the property Oct. 19 for $4 million from Armstrong Development Inc., according to Clay County records.
The purchase comprises two adjoining 13.13-acre and 3.21-acre parcels totaling 16.34 acres
Property records say the property is on Royal Pines Drive in Middleburg. An updated site map shows the properties south of Armstrong Way and west of the First Coast Expressway.
The site is within the 6,400-acre Oakleaf master-planned community.
The park will feature four single-story, flex-light industrial buildings from 21,600 to 57,600 square feet. Each will offer 20-foot clear heights, auto parking and truck courts.
“The business park will be a great home for small businesses given its position off First Coast Expressway, near bustling residential areas, community recreation facilities and retail locations,” Franklin said.
Construction is expected to begin by the second quarter of 2023.
Merritt also owns and manages Magnolia Park, a three-building, 80,863-square-foot flex-light industrial park in Duval County.
