Atlanta-based Rooker started design and permitting for another speculative building at Perimeter West Industrial Park in Northwest Jacksonville.
Rooker Vice President Cason Bufe said by email Aug. 10 no tenants are lined up for the estimated $7 million, 168,000-square-foot building in the park at northeast Interstate 295 and Pritchard Road.
“We have not set dates yet for construction commencement or completion, but I expect that it will be a 2021 completion date,” Bufe said.
The new spec building is designed to accommodate up to four tenants.
“Multiple spec industrial buildings in the Jacksonville market have leased up over the last 9 months. The market for Class-A industrial space has tightened significantly over that time,” Bufe said in an email Aug. 11.
As of the second quarter, area industrial vacancy rates averaged 3.9% to 5.8%
Bufe said Rooker has no tenants to announce for the 155,820-square-foot spec building it completed at Perimeter West early this year. “But, we have good leasing activity on it,” he said.
That structure, at 4345 Perimeter Industrial Parkway N., is available for lease or purchase and is next to the new planned spec building.
It is designed for warehousing, distribution and light manufacturing and can accommodate tenants as small as 45,150 square feet.
CEO John Rooker said in April 2019 the company had wanted to invest in the Jacksonville market for some time.
“Jacksonville is experiencing strong population growth and job growth. We expect that our investments in Perimeter West will result in the creation of new jobs and an expanded tax base, which will benefit the local Jacksonville community,” he said in a news release.
He said then that Perimeter West is a central location in the market’s largest submarket of West Jacksonville.
Rooker bought the remaining 39 acres of undeveloped land within Perimeter West Industrial Park in October 2018.
The acquisition included three industrial-zoned parcels and one retail-zoned land parcel.
In addition to the recently completed spec building, Rooker has two more industrial-zoned parcels available, one for up to 250,000 square feet and another for up to 218,000 square feet.
The 168,000-square-building will be on the parcel originally marketed for a 250,000-square-foot build-to-suit project just north of the Cardinal Health building.
Volkswagen, Cardinal Health and UniFirst occupy properties within Perimeter West Industrial Park that are owned by other entities. UniFirst owns its site.
Rooker is a full-service real estate development, design and construction management firm specializing in the industrial, office and government segments.