Toronto-based First Gulf paid $5.6 million on July 6 for West Jacksonville property where it plans to develop its first U.S. industrial park at an anticipated investment of more than $50 million.
Through FG Jacksonville I LP, First Gulf bought the land from Martel Holdings LLC of Elizabethtown, Pennsylvania.
Roman Brailovski, First Gulf vice president of strategic initiatives and operations and the lead on its U.S. expansion, said June 27 the company intends to buy about 53.87 acres and develop two buildings totaling 407,250 square feet on Parcel 4 in Westlake Industrial Park along Pritchard Road.
About 34 acres of the parcel can be developed.
First Gulf plans to develop two Class A industrial buildings that can be multi- or single tenant, based on demand.
The site plan design shows Building 1 at 299,520 square feet and Building 2 at 107,730 square feet.
First Gulf hopes to start construction by the first quarter of 2024 for completion in the third quarter of 2024.
