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Jax Daily Record Friday, Dec. 9, 201612:00 PM EST

Tradeport gaining two warehouse buildings

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More warehouse space could soon take shape in North Jacksonville near Jacksonville International Airport.

Dallas-based land owner Jackson-Shaw has applied for permits for two buildings totaling 178,000 square feet of warehouse space along International Parkway in Jacksonville International Tradeport.

Rick Haskew Jr. is the contractor for the project, which totals almost $7 million for the shell buildings.

Jackson-Shaw wants to build a 124,000-square-foot warehouse on almost 13.5 acres at 13525 International Parkway at a cost of $4.5 million.

It also wants to develop a 54,000-square-foot structure on almost 3.6 acres at 13475 International Parkway at a cost of $2.3 million.

Both plans show dock doors — the larger with 19 and the smaller at 16 — showing they are conducive to distribution uses.

Jarzyna & Associates Architects of Amelia Island is the architect.

No tenants or uses are included.

Jackson-Shaw markets the sites as “choice parcels for build-to-suit opportunities,” noting the Tradeport is zoned light industrial, office and commercial.

Both tracts are marketed as build-to-suit with capacity for light industrial, distribution and office.

The Jackson-Shaw executive designated to speak about the project was traveling Thursday and could not be reached.

Jackson-Shaw is the owner through JSC/TPRF IV Jacksonville Industrial LLC. It bought the vacant sites in August 2015 and previously filed site plans for the project.

It also owns other warehouse properties at the 425-acre Tradeport, at southwest Interstate 95 and Airport Road, near JIA.

Jackson-Shaw says on its website, jacksonshaw.com, it originally bought 995,000 square feet of industrial space and 85 acres at the North Jacksonville Tradeport.

It 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.

Jackson-Shaw says it has four tracts for build-to-suit opportunities. In addition to the two tracts for which plans were filed, it also owns 15.6-acre and 7.7-acre parcels.

Westside park may expand warehouse

Westside Industrial Park owner Stone Mountain Industrial Park might expand one of its warehouses to more than 300,000 square feet.

Stone Mountain applied for a permit to add almost 125,000 square feet of space to a 183,000-square-foot facility at 4601 Bulls Bay Highway.

No contractor was specified for the project, which is shown at a construction cost of almost $4.4 million.

The building is north of Pritchard Road and east along Bulls Bay Highway.

Peter Anderson, vice president of Pattillo Industrial Real Estate, said Kraft is in the existing building. He said the expansion could accommodate Kraft, another tenant requiring 300,000 square feet or it could become a multitenant building.

He said no tenant has committed to the new portion and the company probably will wait for a lease before starting construction.

Anderson said Stone Mountain has not committed to the expansion, but is seeking approval of construction plans if the company chooses to build.

Based on industry estimates, the total construction cost could be $7.5 million.

Fortress says Riverplace is 85 percent occupied

On Thursday, Fortress Investment Group LLC announced the late November sale of Riverplace Tower, which has been widely reported. Fortress had not previously commented.

A partnership between Fortress and Lingerfelt CommonWealth Partners bought the 28-story waterfront office tower in 2014 for $29 million and sold it for $53.4 million.

Fortress said in a news release the partnership made capital improvements to the property and leased more than 170,000 square feet of office space, including 137,000 square feet to new tenants. Occupancy in the 441,000-square-foot tower grew from 63 percent to 85 percent, it said.

In 2014, Fortress also acquired the 951-room Hyatt Regency Jacksonville hotel Downtown.

Fortress said the investments in the two properties were made primarily through the firm’s Fortress Real Estate Opportunities Funds, a private equity style funds that focus on investments in commercial real estate and real estate-related assets.

New York-based Fortress Investment Group LLC is a global investment firm with $70.1 billion in assets under management as of Sept. 30. It is publicly traded on the New York Stock Exchange.

The Strand going up

Construction should be full tilt soon at The Strand at Town Center.

The city approved permits Wednesday for six buildings after signing off on another last week.

The seven buildings total 115,560 square feet and $10.7 million in construction costs. Hoar Construction LLC of Birmingham, Ala., is the contractor.

No tenants are listed on the permit applications or on the plans. The structures are for shell buildings ranging from 10,288 to 35,656 square feet.

Tenants at The Strand, whether in those buildings or others to be built, include 2nd & Charles, PGA Tour Superstore, Hobby Lobby, Best Buy, TD Ameritrade, Chuy’s, Cheddar’s Scratch Kitchen, Firebirds Wood Fired Grill and Fogo de Chao.

Hillwood takes out $14 million loan

Pinnacle Bank of Memphis issued a $14.2 million mortgage and construction loan to Hillwood Investment Properties for a Cecil Commerce Center spec building.

The mortgage to Hillwood, through New World Avenue Bldg D-2 LLC, was recorded Thursday with the Duval County Clerk of Courts.

Hillwood, through the LLC, bought 35.43 acres Monday to build a 407,435-square-foot speculative warehouse at 4660 New World Ave.

Fort Worth-based Hillwood paid about $322,531 for the property.

The city issued a site-clearing permit Nov. 16 for The Conlan Co. to clear the land at a cost of $800,000 and has been reviewing a permit application for the warehouse construction at a cost of $15.72 million.

Hillwood does not disclose its development costs, but so far the project is adding up to $16.8 million in land, site and construction.

Hillwood, as the city’s master developer at the Westside business park, is developing AllianceFlorida at Cecil Commerce Center.

Kirk Wendland, executive director of the Office of Economic Development, said Wednesday that terms of the city’s Disposition and Development Agreement require Hillwood to have an additional 400,000 square feet of space constructed by Sept. 30.

He said through a city spokeswoman the speculative warehouse will be beneficial when manufacturing and warehouse distribution companies look at the market.

Often, he said, prospects don’t have enough time to buy land and design and construct buildings within their time frames.

Permits in review for Point at Town Center

The Point at Town Center, a luxury apartment community planned at southeast Gate Parkway and Burnt Mill Road, is in city permitting review.

A clearing permit for pine harvesting was issued Nov. 19.

The 12.9-acre site is at 5116 Gate Parkway, not far from St. Johns Town Center.

Eight three-story apartment buildings will comprise 246 apartments. A clubhouse and four separate garages also are in review.

Block One Ventures will develop the community. It is led by former Regency Centers Corp. executives Christian Oldenburg and Chris Ruen.

England, Thims & Miller Inc. is the civil engineer.

Ruen said Thursday construction should start by early March with the first two buildings and clubhouse completed by the end of December.

The complex should be completed by spring 2018, he said.

Group 4 Design Inc. is the architect; Summit Contracting Group Inc. is the general contractor; and Miranda Contracting will perform site work.

[email protected]

@MathisKb

(904) 356-2466

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