Plymouth Industrial REIT Inc. is designing four new warehouses at two South Jacksonville business parks.
Dan Santinga, vice president and regional manager, said Plymouth Industrial intends to build a new dock-high building at Salisbury Business Park and three dock-high buildings at Liberty Business Park.
The properties are near Interstate 95 and Butler Boulevard.
The buildings will range from about 40,000 square feet to 52,000 square feet in size.
Santinga said that upon completion, both parks will be fully built-out.
“The demand for flex-industrial tenants seeking 10,000 square feet or more in the Butler corridor is high, so these buildings will be good options for new or expanding tenants who want to be in this submarket,” Santinga said.
Liberty Business Park at Belfort Road and AC Skinner Parkway comprises seven buildings totaling 481,751 square feet, ranging from 39,350 to 92,872 square feet.
Occupancy is 97% but 39,350 square feet will become available Nov. 30. Tenant Veritiv is downsizing into another building at Liberty Business Park.
Plymouth Industrial will add three buildings of 40,000, 42,000 and 52,000 square feet.
Tenants also include Safelite, Stryker and Alstom.
Salisbury Business Park is 168,800 square feet among three buildings and will add a 40,000-square-foot building. England-Thims & Miller Inc. is the civil engineer.
Tenants at Salisbury, which is fully leased, include Concorde Career College, Cintas and Paul Davis Restoration.
Boston-based Plymouth Industrial REIT Inc. paid $97.1 million in December 2018 for the Liberty Business Park, Salisbury Business Park and Center Point Business Park. Center Point also is fully leased.
Those three light industrial and flex properties comprise 20 buildings and 1,133,516 square feet of space.
Santinga said the project completions will increase those parks to almost 1.31 million square feet.
Plymouth also paid $20.4 million for 289,850 square feet of space in September 2020 at 8451 Western Way, boosting the eventual total portfolio in Jacksonville to about 1.6 million square feet. The Western Way building is fully leased.
Plymouth handles the leasing and property management directly.
“We have targeted Jacksonville for some time and coveted a meaningful presence that gives us immediate scale, infill locations and a mix of light industrial and flex buildings to accommodate a wealth of tenants,” said Pendleton White Jr., Plymouth president and chief investment officer, upon buying the initial portfolio.
“We think this particular location could not be any better,” he said.
He cited the businesses moving into the area as well as the thousands of apartments being developed in the vicinity.
White referred to the location as the “State and Main” of the area because of its central location of traffic corridors and access to jobs, housing and amenities.
He said there isn’t a lot of land left for development of flex and light industrial space in the I-95 and Butler Boulevard area, which makes the properties attractive to tenants.