Midwest Industrial Funds applied for a construction permit to build its second building in Westlake Commerce Center at a project cost of almost $15.1 million.
Arco Design/Build of Ponte Vedra Beach is the contractor for the proposed 192,924-square-foot speculative shell warehouse, Building 200, at 9391 Pritchard Road in West Jacksonville.
ADB Design Services of Atlanta is the architect. England-Thims & Miller Inc. of Jacksonville is the civil engineer.
The permit application follows the city’s issuance of a permit April 29 for Midwest Industrial Funds to build an almost 337,000-square-foot speculative warehouse at 9395 Pritchard Road at a project cost of $23.9 million.
Arco Design/Build also is the contractor for that warehouse, Building 100.
Midwest, of Oak Brook, Illinois, proposed the 336,960-square-foot Building 100 and the 192,780-square-foot Building 200 on 30.23 acres.
A joint venture of PCCP LLC and Midwest Industrial Funds announced Jan. 9 it will develop the 337,000-square-foot speculative Building 100 within the commerce center in Westlake Industrial Park.
The site is north of Pritchard Road and south of Jones Road.
The release said construction had begun with completion anticipated for December 2024. The city approved site clearing Feb. 7.
The project is a single-story, concrete tilt-up warehouse.
Westlake Commerce Center is near major distribution facilities including Southeast Toyota, FedEx, UPS, BMW, BJ’s Wholesale Club and Kraft Heinz. The land is east of the Georgia-Pacific warehouse.
Westlake is along Pritchard Road west of Interstate 295.
The project is 4 miles from I-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,” PCCP Managing Director Kevin Chin said in the January release.
Chin said it is the fourth project together with Midwest Industrial Funds.
Los Angeles-based PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.
Midwest Industrial Funds is a national real estate investment company focused on the development and acquisition of industrial properties throughout the U.S.
As reported Jan. 4, Midwest Industrial Funds paid almost $3.54 million for the 30.23 acres. It bought the property from two owners.
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.
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.
On Dec. 22, Midwest Industrial Funds submitted civil engineering plans to the city for Buildings 100 and 200, totaling 529,740 square feet.
Midwest Industrial Funds said in January 2023 it planned to buy the property and develop a speculative warehouse.
“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 in January 2023.
“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.”
Hubert said Colliers Senior Vice President Guy Preston and Colliers Associate Seda Preston will be the project’s listing agents.