Hillwood, the city’s master developer at AllianceFlorida at Cecil Commerce Center in West Jacksonville, reported to the city that it received and responded to an inquiry from a broker representing a prospect interested in leasing 1.2 million to 1.5 million square feet of industrial space.
That was one of two marketing activities specific to the third quarter that Hillwood included in its required quarterly report to the city Office of Economic Development.
The report covered July 1-Sept. 30, 2023.
Hillwood did not include more details about the prospect.
The other activity was the previously reported sale of 13.3 acres to Gate Petroleum Co.
Duval County Clerk of Courts records show that through JCCC Parcel Q-1 LLC, Dallas-based Hillwood sold the land to Gate Petroleum Co. on July 26 for $5.78 million. The city deeded the land to Hillwood the same day for about $365,000.
The site is at southwest Normandy Boulevard and POW-MIA Memorial Parkway on the almost 112-acre Parcel Q.
Gate said it plans to build a convenience store and car wash on the site.
In the third-quarter report, Hillwood said Gate’s activities were focused on finalizing the required permits and approvals to allow for the late July land purchase.
That sale had not been completed in time for Hillwood’s second-quarter report covering April-June 2023.
Hillwood told the city in that report that the undisclosed prospect executed a contract to buy the land in Parcel Q and expected to close on the deal in July or August.
Hillwood has developed about 3.225 million square feet at AllianceFlorida. That includes two 1 million-square-foot centers for online retailers Amazon.com on about 86.5 acres and home-furnishings company Wayfair on 80 acres.
Hillwood and the former Jacksonville Economic Development Commission made a 25-year Master Disposition and Development Agreement in 2010 to develop Cecil Commerce Center.
The agreement was 10 years with three five-year renewal options. It calls for Hillwood to build-out AllianceFlorida on about 4,499 acres of city property, the former Naval Air Station Cecil Field, off Normandy Boulevard and 103rd Street in West Jacksonville.
The agreement is designed for the city to share in the profits. As the master developer, Hillwood typically secures the tenant, buys the land from the city, develops the project and then sells the property to an investor.
The city receives 10% of the profit proceeds for industrial space and it will be 50% for mixed-use development.
As for sales, among them Hillwood sold both of the million-square-foot completed structures that are leased to Amazon and Wayfair.