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Jax Daily Record Tuesday, Aug. 14, 201803:45 PM EST

NorthPoint pays almost $4.8 million for North Jacksonville land

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The Missouri-based developer intends to start Park 295 with 553,000-square-foot warehouse.

Park 295 Industrial Park is on the way.

NorthPoint Development bought the North Jacksonville property it intends to develop into Park 295, shown on plans as 1.8 million square feet of industrial space.

Through NP Jacksonville Industrial LLC, NorthPoint paid almost $4.77 million for about 175 acres in a sale that was executed Friday and recorded Tuesday.

Park 295 is south of Interstate 295 at Duval Road.

It bought the land, along Interstate 295 at southwest Duval and Armsdale roads, from HG Industrial Commons LLC and HG Industrial Partners LLC, both of Elgin, Illinois, near Chicago.

The site is across I-295 from Amazon.com’s North Jacksonville fulfillment center and is near Jacksonville International Airport.

NorthPoint, based in Kansas City, Missouri, intends to start construction with an almost 553,000-square-foot warehouse.

No tenant was identified. Representative Ladson Montgomery, senior vice president and principal of Newmark Phoenix Realty Group, said previously the building would be speculative and completed in the first quarter of 2019.

Newmark Phoenix Realty Group was the exclusive agent for the land.

NorthPoint Development LLC, identified in public records as the project developer, wants to build a high cube warehouse, which is a distribution center primarily used for storage or consolidation of goods before distribution.

At an industry estimate of $40 to $50 per square foot, the project cost of the first warehouse could reach $27 million.

The St. Johns River Water Management District is reviewing a modification to a stormwater system for the property.

A marketing brochure shows five buildings on the site: The first 552,634-square-foot Building B; 463,100-square-foot Buildings C and D; Building A at 104,965 square feet; and Building E at 260,400 square feet.

Montgomery, Richard Antczak and John Richardson, all with Newmark Phoenix Realty, represent the park.

The city is reviewing civil plans for the project, showing it will be developed on Ignition Drive. Prosser is the civil engineer.

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