Dallas-based Jackson-Shaw will soon put up the walls for two speculative Class A industrial buildings at Jacksonville International Tradeport.
Called International 3 and 4 on the jacksonshaw.com site, the urban industrial buildings total 178,000 square feet of what Jackson-Shaw calls state-of-the-art bulk distribution space.
The company said the buildings provide “one of the most strategic distribution locations in the market,” citing direct access to Jacksonville International Airport and Interstates 95 and 295.
It said the structures are in the heart of the 425-acre Jacksonville International Tradeport master-planned business park.
Site-clearing was approved in January. Vertical construction was approved last week.
The city approved construction of the two buildings totaling $6.8 million. Haskew Company & Associates is the contractor.
International 3 is a 124,000-square-foot building at 13525 International Parkway with a construction cost of $4.5 million.
The building, on 13.36 acres, includes 109 parking spaces, a 32-foot clear height and 37 dock high doors.
International 4 is a 54,000-square-foot building at 13475 International Parkway with a construction cost of $2.3 million.
On 3.6 acres, it includes 31 parking spaces, a 28-foot clear height and 16 dock high doors.
Tyler Newman and Jacob Horsley, directors at Cushman & Wakefield, are the leasing agents.
Newman said site work is completed and slab work is underway. Construction should be finished by the end of July.
“It’s needed. There are a lot of tenants in the market right now and not enough places to put them,” he said.
Newman said the cross dock building, which is the larger of the two, is suited for one tenant with a lot of volume, such as a supplier or e-commerce shipper.
“Basically it fits a company that does a lot of inventory turnover, receiving on one end of the building and shipping on the other and turning the product over frequently,” he said.
The smaller building is more flexible, he said. As a more typical warehouse, it would be conducive to a local location for a national supply company, for instance.
The industrial vacancy rate in North Jacksonville is 13.6 percent, based on 21 million square feet in the market, Newman said.
“This will change because a lot of deals are getting signed,” he said.
Jackson-Shaw owns other warehouse properties at the Tradeport, which is at southwest I-95 and Airport Road.
It says on its website it originally bought 995,000 square feet of industrial space and 85 acres at the Tradeport.
The company completed the 25-acre Creekside Distribution Center, totaling more than 334,000 square feet, and a 127,000-square-foot build-to-suit structure for Ecolab.
NorthPort Logistics lease completed
Newmark Grubb Phoenix Realty Group said Thursday three of its executives represented landlord Real Capital Solutions in a lease for Grimes Logistics Services Inc.
Dan Stover, first vice president; Bryan Bartlett, senior vice president and principal; and John Richardson, president and principal, handled the lease.
Grimes Logistics Services leased 400,928 square feet for warehouse storage and distribution at the NorthPort Logistics Center at 11530 New Berlin Road.
The center has 471,699 square feet remaining for lease.
Robbins Electra buys 2 complexes
Robbins Electra said Thursday it bought Vue at Baymeadows, formerly known as Grand Isles Baymeadows, and will undertake a $2.2 million renovation.
It also bought Palm Trace, formerly known as Fountain Oaks, at 6870 103rd St.
It said it paid $34.24 million for the Vue and $11.68 million for Palm Trace.
The 352-unit Vue complex built in 1988 is at 8335 Freedom Crossing Trail. Monthly rents average $779 at the one- and two-bedroom apartments. Occupancy is 96 percent.
Robbins Electra said it will upgrade interiors, including new lighting and plumbing fixtures, and add a washer and dryer to each unit.
Exterior enhancements will include landscaping and clubhouse and pool area upgrades, as well as plank flooring in common areas.
Palm Trace is a 160-unit complex of one- and two-bedroom apartments with average monthly rents of $700. It is 95 percent occupied and was built in 1986.
Robbins Electra said it would renovate the property to improve plumbing fixtures and lighting and to enhance kitchens and window treatments.
The company is a national multifamily owner-operator that owns apartment communities in the Southeast. Along with the Vue and Palm Trace, it bought Marbella Place in Stockbridge, Ga.
Its portfolio now includes more than 22,400 apartment units totaling a value of more than $2.5 billion.
TriBridge issued construction mortgage
TriBridge Residential, which is developing a 287-unit apartment complex at Town Center Promenade, was issued a $29.7 million construction mortgage from Citizens Bank.
The loan was made Tuesday and recorded Thursday with the Duval County Clerk of Court.
Atlanta-based TriBridge is developing a $49 million apartment community in a venture with Sefira Capital of Miami. It is expected to be completed in two years.