The Colliers real estate services firm announced July 8 it represented developer Pan American Companies in its $24.8 million sale of Dundas Industrial Park at 440 Dundas Drive in North Jacksonville.
Colliers said NorthBridge Partners, in a deal led by Director of Acquisitions Pat Mullane, bought the property July 8.
The industrial park sits on two parcels totaling 9.98 acres, city records show. There are three buildings totaling 138,000 square feet.
Lansing Building Products leased 30.43% of the space before construction began.
“Jacksonville’s industrial market has experienced a consistent and healthy upward trajectory in rental rates,” said a Colliers news release.
The Colliers team was led by Executive Vice Presidents Ryan Vaught and Jimmy Ullrich, Senior Associate Michael Macchia, Associate Riley Vaught, and Jacksonville representatives Guy Preston and Seda Preston represented the developer, Pan American Companies.
Colliers said in the release that over the past five years, rents have grown at a 14.9% compound annual growth rate, with 28.45% year-over-year growth from 2022 to 2023.
“This sustained increase in rent reflects the growing demand for industrial space in the area, driven by a combination of factors such as population growth, business expansion, and favorable logistics infrastructure,” the release said.
“Expanding at twice the national pace, the city boasts one of the most business-friendly environments in the country, offering significant savings for businesses and their employees with no state or local personal income tax and no inventory tax.”
Ryan Vaught said the transaction “highlights the success of assembling the best team and like-minded parties.”
“Carlos Lopez-Cantera and the Pan American team identified a great infill site and developed three world-class buildings, while Pat Mullane and his team at NorthBridge excelled as buyers by moving quickly and keeping open lines of communication,” he said.
Colliers said the property is accessible to Interstates 95, 295 and 10 and to JaxPort’s three marine terminals as well as three railroads and Jacksonville International Airport within a 30-minute drive.
NorthBridge’s offices are in Wakefield, Massachusetts, and Linthicum Heights, Maryland.
The NorthBridgecre.com site says the firms strategy is to buy industrial properties near major markets where e-commerce companies look for the shortest delivery time to consumers to reduce transportation costs.
It says East Coast U.S. infill markets “maintain significantly higher demand-to-supply ratios than other markets, leading to outsized rent growth.”
Details about the park
Dundas Industrial Park is one of three Jacksonville warehouse center developed by former Florida Lt. Gov. Carlos Lopez-Cantera.
The city issued construction permits in July 2023 for the three buildings that total 138,313 square feet at a combined construction cost of almost $10.5 million.
The city issued foundation permits in June 2023 at a job cost of $4.3 million, totaling $14.8 million for the construction project.
The city approved site clearing in February 2023 for $75,000.
ARCO Design/Build was the contractor on the structures. Dundas is in Busch Drive Business Park, a mile east of I-95 and south of Busch Drive.
Through Jax Industrial Two LLC, Lopez-Cantera bought the vacant industrial property for $589,390 in October 2020.
Jacksonville-based GAI Consultants Inc. was the civil engineer.
The three multitenant buildings comprise 60,313 square feet, 48,000 square feet and 30,000 square feet.
Colliers Executive Director Guy Preston and Associate Director Seda Preston in Jacksonville comprise the leasing team for the property.
The marketing brochure says spaces are available from 6,000 to 60,000 square feet and were available in the first quarter of 2024.
It says the property is within the boundary of the Northwest Jacksonville Economic Development Fund, a city program that provides economic incentives to businesses for qualifying investments.
Lopez-Cantera also is working on two industrial buildings totaling 425,000 square feet in North Jacksonville at a project it calls Airport Industrial Park East.
That 30.2-acre site is along International Airport Boulevard, about 1 mile south of Pecan Park Road. It is east of Jacksonville International Airport and west of I-95.
Lopez-Cantera’s first area center was Lane Industrial Park at northwest Lane Avenue and 12th Street in Northwest Jacksonville.
Lane Industrial Park was designed for two 160,000-square-foot warehouses.