A joint venture of PCCP LLC and Midwest Industrial Funds announced Jan. 9 it will develop a 337,000-square-foot speculative industrial building on Pritchard Road in Westlake Industrial Park in West Jacksonville.
The release said construction has begun with completion anticipated for December 2024.
It said the rear-loaded modern bulk property is on 33 acres and will feature 36-foot clear heights, a 190-foot truck court, ample trailer parking, 72 dock-high doors, 245 car parking spaces and 97 trailer parking spots.
It is near major distribution facilities including Southeast Toyota, FedEx, UPS, BMW, BJ’s Wholesale Club, Kraft Heinz and Georgia Pacific.
The project is 4 miles from Interstate 295, which connects to I-95 and I-10, Jacksonville International Airport and the port of Jacksonville.
“We believe the strategic location is within a prime, high-growth, port-served industrial market that has consistently maintained tight vacancies,” said PCCP Managing Director Kevin Chin in the release.
Chin said it is the fourth project together with Midwest Industrial Funds.
The release said Jacksonville continues to be an attractive industrial destination.
The developers
Los Angeles-based PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.
The release said PCCP has $23.1 billion in assets under management on behalf of institutional investors.
It has offices in New York, San Francisco, Atlanta and Los Angeles.
The release said that since its inception in 1998, PCCP has managed, raised or invested more than $39.7 billion of capital through private equity funds, separate accounts and joint ventures.
Oak Brook, Illinois-based Midwest Industrial Funds is a national real estate investment company focused on the development and acquisition of industrial properties throughout the U.S.
Founded in 2003, it has acquired and developed more than 90 industrial properties.
Midwest bought site
As reported Jan. 4, Midwest Industrial Funds paid almost $3.54 million for 30.23 acres in Westlake Industrial Park and submitted plans to develop two warehouses there, starting with a permit application for a $23.9 million speculative shell building on the purchased land.
Midwest bought the property from two owners. The site is north of Pritchard Road and south of Jones Road.
“Jacksonville has emerged as a key Southeast industrial market with strong fundamentals and robust demand from users,” Matt Hubert, senior vice president of development, said by email Jan. 2.
“Despite the economic challenges of 2023, there is a positive outlook moving forward and demand unequivocally remains strong from users and investors for the right size projects on well-located sites, which is what we are developing in Westlake.”
Westlake is along Pritchard Road west of Interstate 295.
Through Westlake Site 3 (Jacksonville) Owner LLC, Midwest bought 20.83 acres from Westlake Land Management Inc. on Dec. 18 for almost $2.62 million. Atlanta-based Westlake is part of Norfolk Southern Corp.
Other Midwest sites
Through the same LLC, Midwest bought 9.4 acres from Edward E. Jenkins III and Rosemary A. Jenkins of Jacksonville on Dec. 15 for $920,000.
CIBC Bank USA of Illinois financed the deal with a $19.25 million mortgage.
On Dec. 22, Midwest Industrial Funds submitted civil engineering plans to the city for Buildings 100 and 200, totaling 529,740 square feet.
Jacksonville-based England-Thims & Miller Inc. is the civil engineer.
Midwest proposes a 336,960-square-foot Building 100 and 192,780-square-foot Building 200.
Midwest applied for a permit to build the 336,960-square-foot, single-story, concrete tilt-up warehouse at 9391 Pritchard Road on the 30.23-acre site.
Arco Design/Build of Ponte Vedra Beach is the contractor. ADB Design Services of Atlanta is the architect.
Midwest has not determined whether it will be for a single tenant or multiple tenants.
Hubert said the adjacent Building 200 would be built on another 10 acres under contract. He expects that project to start this year.
Midwest Industrial Funds said in January 2023 it planned to buy 30.2 acres in the West Jacksonville industrial park and develop a speculative warehouse.
The land is east of the Georgia-Pacific warehouse.
Hubert said Colliers Senior Vice President Guy Preston and Colliers Associate Seda Preston will be the project’s listing agents.