Port Jax II LLC, led by developer Bill Spinner, bought 8.91 acres Friday for construction of a 120,000-square-foot industrial building in North Jacksonville.
Spinner said he plans to complete the structure in the first quarter for lease.
It will be built and marketed initially as a build-to-suit. If no anchor tenant initially signs, it will be marketed as a speculative structure.
The site is at 10350 Alta Drive, near his group’s 500,000-square-foot Port Jax Trade Center.
Port Jax II LLC paid $765,000 for the property. It bought the land from JCLA Development II LLC, formerly known as APR Development II LLC.
CenterState Bank of Florida issued a $382,500 mortgage.
Spinner estimates the total cost at $8 million to $10 million, depending on the design requirements from a build-to-suit tenant or if it is built as a spec structure.
Spinner, manager of Port Jax II LLC, said his group will submit plans in August for an 80,000-square-foot building at 10751 Alta Drive, which will be the final bulk-size building in Port Jax Trade Center.
He said occupancy at Port Jax Trade Center is 93 percent with lead tenants being W&O Supply, Lockheed Martin, Hoegh Autoliners and Grimes Logistics.
Spinner said the Jacksonville industrial market is 5 percent vacant, “which on 125 million square feet is fairly tight as some of that space is obsolete and dysfunctional.”
“New and growing businesses to Northeast Florida desire investment-grade facilities,” he said.
Spinner is the managing member of Spinner Construction LLC and Jax Green Industrial.