Merritt Properties LLC is moving ahead with its Imeson Landing Business Park expansion, both with the existing project and at the additional property it bought March 29.
The site is at Imeson Park Boulevard and Zoo Parkway in North Jacksonville.
“Our expansion will allow us to continue to fill a void for newly constructed, Class A light industrial product while providing flexibility for growing companies of all sizes,“ said Merritt Properties asset manager Pat Franklin in a March 30 news release.
“Our single-story flex buildings are leasing to small and mid-sized businesses that require a combination of office and warehouse or light manufacturing space.”
Baltimore, Maryland-based Merritt said the first three buildings at Imeson Landing Business Park are 75% leased. It said it signed nine leases with tenants ranging from 3,000 square feet to 29,000 square feet among those first buildings.
The city issued permits April 5 for Arco Design/Build to construct foundations for Building 4 and Building 5 at 1250 Imeson Park Blvd.
The permits are for the 68,400-square-foot shell Building 4 at a project cost of $812,154 and the 60,000-square-foot shell Building 5 at a foundation cost of $689,029.
The city also is reviewing construction permit applications for the vertical construction of Buildings 4 and 5 at a combined project cost of $7.5 million.
Those buildings will total 128,400 square feet.
The company said it anticipates constructing those next two buildings this year before starting work on the expansion area, which is next to the first phase of development.
Arco Design/Build is the contractor for the structures on 24.24 acres at 1250 Imeson Park Blvd.
Franklin said Dec. 5 the next 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, have opened. Tenant spaces start at 3,000 square feet.
When completed, that portion of Imeson Landing Business Park will comprise five flexible and light industrial buildings from 39,000 to almost 69,000 square feet in size, totaling 266,200 square feet.
Imeson Landing Business Park South
Merritt Properties announced March 30 that it closed on the purchase of property to build three more flexible-use light industrial buildings, totaling up to 114,500 square feet, on property next to Imeson Landing Business Park.
Merritt-JAZO LLC bought the 16.5 acres March 29 for $1.2 million from Imeson Investments LLC.
Bobby Lanigan and Franklin represented Merritt and Luke Pope of JLL represented the seller in the transaction.
Construction is scheduled to start in 2024. Leasing is underway.
The St. Johns River Water Management District is reviewing the Imeson Landing Business Park - South property at 1350 Zoo Parkway.
Those plans show three buildings totaling 114,500 square feet. They comprise two 40,000-square-foot buildings and a 34,500-square-foot structure.
“This purchase stood out as the perfect land-acquisition opportunity given its proximity to our buildings across the street,” Franklin said in the March 30 news release.
Combined presence
Merritt said March 30 that when completed, the Imeson Landing Business Park development will comprise 380,700 square feet of space among eight flex/light industrial building.
With the expansion of Imeson Landing Business Park, Merritt said its Florida flex/light industrial footprint will exceed 600,000 square feet among 15 buildings.
Merritt’s Oakleaf Commerce Center, a 158,400-square-foot flex/light industrial business park in Clay County, is under site plan review with the county. The developer said it hopes to deliver the first building there before the end of 2023.
Merritt also owns and manages Magnolia Park, a three-building, 80,863-square-foot flex-light industrial park in south Duval County.