As industrial vacancy rates plummet to 3.3% and below in Jacksonville, the city issued a permit Oct. 18 for Pattillo Industrial Real Estate to build the foundation for a second speculative distribution center, called Building 3, along Imeson Road in West Jacksonville.
Pattillo wants to build an almost 298,000-square-foot shell building and its foundation at 5800 Imeson Road at a combined construction cost of almost $15 million.
The foundation’s construction cost is almost $4.5 million.
Vice President Peter Anderson said Oct. 19 the building in speculative. He expects it to be completed in May.
A Pattillo brochure shows it can be leased to a single tenant or to multiple tenants starting at 85,000 square feet.
The building construction cost is $10.5 million.
Counting the site-clearing permit issued Nov. 23 at a job cost of almost $3 million, the total reaches $18 million.
Jacksonville-based Dana B. Kenyon Co. is the contractor.
Building 1 is the BMW regional parts distribution center.
Building 2 is under development. Anderson said that speculative structure should be completed in January.
The city issued a permit April 15 for Dana B. Kenyon Co. to build the almost 173,000-square-foot Imeson Building 2 at a cost of $13.95 million.
The city approved site clearing Nov. 23, 2021, and foundation construction Feb. 3, boosting the total cost to $17 million.
Anderson said the building is designed for multiple tenants. A Pattillo brochure shows it is divisible for tenants of at least 40,000 square feet.
The two speculative warehouses at the site at northwest Imeson and Pritchard roads total more than 470,000 square feet of space.
The property is part of Westside Industrial Park, which Pattillo affiliate Stone Mountain Industrial Park developed. Atlanta- based Stone Mountain is the member of the land ownership LLC.
Distribution space is in demand by shippers, retailers, manufacturers and e-commerce fulfillment centers.
In the third quarter of 2022, industrial vacancy rates in Jacksonville ranged from a tight 2.8% to 3.3%.
The largest area industrial markets are West and North Jacksonville.