Foundry Commercial and Barings developed a new celebration Dec. 8 — plans for a “tilt-up wall reveal” at their Butler 95 Logistics Center.
Plans changed when the crane wasn’t available at the 10 a.m. event, instead expected in the early afternoon to pull up the walls onto the large slab.
The walls are on the way up at the 183,345-square-foot building at 8332 Cypress Plaza Drive at Baymeadows Way in South Jacksonville with completion of the shell industrial building expected in April 2024.
“This is the largest spec building ever built in the Southside,” Foundry Partner Mark Scott told the real estate brokers, builders and other industry visitors at the event.
“Which is kind of cool.”
Scott and Senior Associate John Cole are the leasing contacts.
Scott told the group there were few projects developed in the Southside over the past 20 years. North and West Jacksonville, both with larger tracts of available land, are the focus of large industrial projects.
Scott said before the event that the Butler 95 Logistics Center building can accommodate up to six tenants and can be divided into spaces as small as 28,000 square feet. That size can attract smaller businesses, especially those that already lease space in South Jacksonville and want to expand without leaving the area.
The 13.14-acre site is south of Butler Boulevard between Philips Highway and Interstate 95.
Scott declined to provide the investment cost for the project.
However, the purchase price and permit job costs total $14.43 million. That does not include all of the development investment.
BCBF Cypress Plaza LLC of Orlando bought the property Sept. 7, 2022, for $3.75 million. The LLC is housed with Foundry Commercial.
The city issued the foundation permit April 28 at a cost of almost $1.83 million.
The city issued a permit July 19 for Dana B. Kenyon Co. to build the Butler 95 Logistics Center at a project cost of $8.85 million.
“Designed with today’s logistics users in mind, the park is located in the Butler Corridor on Jacksonville’s Southside. Dock high doors, intermediary ramps, and spec offices are all delivered with shell for fast tenant occupancy options,” says Foundrycommercial.com.
C4 Architecture LLC of Orlando is the architect.
Orlando-based Foundry is a real estate company with 11 offices in the Southeast, including in Jacksonville, and in California. Barings is an international real estate investment manager.
Foundry Commercial and Barings also are staking an industrial claim in St. Johns County with their proposed IGP/95 Logistics Park at World Commerce Center.
They plan a 509,900-square-foot park comprising three buildings.
The almost 43-acre site is off I-95 about 2.3 miles southwest of Buc-ee’s. It’s on the east side of International Golf Parkway across from Tocoi Creek High School.
“We felt like St. Johns County, with a growing population and a need for services in and around the area, is underserved,” Scott said previously.
TR WCC Property Owner LLC, in care of Barings LLC in Charlotte, North Carolina, paid almost $12.95 million for 42.47 acres in a deed dated Aug. 31, 2022.