Scannell Properties buys property near Jacksonville International Airport.
Scannell Properties, a privately held Indianapolis-based international commercial real estate developer and investment company, bought property in North Jacksonville and intends to develop warehouse space.
Scannell, through Scannell Properties #335 LLC, bought about 18 acres at 14241 Duval Road, near Jacksonville International Airport, to develop two industrial warehouse distribution facilities.
It closed on the vacant property Dec. 20 for almost $1.63 million. The seller was the Higginbotham Land Trust.
Ian MacDonald, development manager with Scannell Properties, said Thursday it is the company's first venture in the Jacksonville area.
He sees it as an opportunity to take advantage of the low vacancy in the market among warehouse properties.
MacDonald anticipates starting construction in the second quarter on both speculative buildings with completion by early 2020.
One will be 155,000 square feet and the other will be 110,000 square feet. MacDonald said the property is zoned for industrial use and the company plans to submit permit applications soon.