Pattillo Industrial Real Estate says it plans to start construction in the first quarter.
Pattillo Industrial Real Estate is permitting two speculative buildings in NorthPoint Industrial Park in North Jacksonville.
NorthPoint Building 7 is designed as a 314,900-square-foot building at 3397 Port Jacksonville Parkway.
NorthPoint Building 9 is a 351,520-square-foot building on about 27 acres at 3559 Port Jacksonville Parkway.
NorthPoint is along Port Jacksonville Parkway between New Berlin Road and Alta Drive.
Pattillo Vice President Peter Anderson said Nov. 6 the company is permitting the buildings speculatively.
He hopes to start construction in the first quarter. The total investment in each building is about $20 million.
“We want to keep product on the shelf,” he said. “The market has been steadily absorbing space.”
As with industrial properties around the area, the growth of online retail is a factor.
“The e-commerce surge is impacting industrial real estate, causing a reshuffle of many companies’ distribution channels,” Anderson said.
Anderson said NorthPoint 9 is designed for a single tenant and NorthPoint 7 can be two tenants.
NorthPoint Industrial Park is designed for 11 buildings. Among its current tenants are TRUAire Industries Inc., at Building 12A, and The Hillman Group, which is expanding Building 4.
Atlanta-based Stone Mountain Industrial Park Inc., a Pattillo affiliate, owns the 362-acre NorthPoint. NorthPoint is a master-planned development at Alta Drive and Interstate 295.
The park is within 5 miles of Jacksonville International Airport and 3 miles of the Jacksonville Port Authority Blount Island Marine Terminal.
The vacancy rate in the North Jacksonville industrial submarket is about 13-16% in the third quarter, according to brokers’ reports.
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