Market reports show Sam’s Club as 1 million-square-foot warehouse tenant

The location for the code-named Project Crystal is in Imeson Park South in North Jacksonville.

The 1 million-square-foot Imeson Park South Building E at 1511 Zoo Parkway sold in September for $95 million.
The 1 million-square-foot Imeson Park South Building E at 1511 Zoo Parkway sold in September for $95 million.
  • Columnists
  • Mathis Report
  • Share

While Project Crystal hasn’t been confirmed by the tenant or landlord, the probability it is Sam’s Club appears to be well known.

In third-quarter market reports, several commercial real estate firms list Sam’s Club as notable lease transactions during the period.

The information is that Sam’s Club leased a 1,003,200 square-foot-building at 1511 Zoo Parkway, Building E, also known as Building 300.

The lease was signed in July.

NAI Hallmark, CBRE and Cushman & Wakefield identify it. 

Colliers and JLL listed the lease as a notable transaction but not the tenant name.

Sam’s Club has been widely believed to be the code-named Project Crystal for the 1 million-square-foot warehouse being completed in Imeson Park South in North Jacksonville. 

The city issued a permit in September 2022 for the speculative 1 million-square-foot building.

VanTrust Executive Vice President Marc Munago has not identified the potential tenant.

The building has been identified as the location for Project Crystal, which matches the description of Sam’s Club, the wholesale membership club division of global merchandiser Walmart Inc.

City Council enacted Ordinance 2023-332-A on June 13, 2023, approving a five-year $1.5 million Recapture Enhanced Value Grant for Project Crystal based on 50% of the increase in real and tangible property taxes for the project. 

According to a city memo, summary and fact sheet, the project wants to open a distribution facility in the building under construction at 1400 Zoo Parkway, which is the 1 million-square-foot warehouse at Imeson Park South.

The building is on almost 63 acres.

VanTrust Real Estate LLC already has sold the building to a Coral Gables group for $95 million.

Through JI IPS Building E LLC, Van Trust sold the structure at 1511 Zoo Parkway on Sept. 15 to AK Imeson LLC, whose registered agent is Interamerican Corporate Services LLC, led by lawyer Rene Murai.

The deed was recorded Sept. 20 with the Duval County Clerk of Courts.

Colliers Senior Vice President Guy Preston and Executive Vice President Ryan Vaught represented the buyer in the deal. There was no broker on the seller’s side.

VanTrust Real Estate said the Imeson Park South master plan totals 3 million square feet of industrial space.

The 214-acre Imeson Park South property is south of VanTrust’s 146-acre Imeson Park, which totals about 2.5 million square feet and includes a 1 million-square-foot Amazon fulfillment center. 



Special Offer: $5 for 2 Months!

Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.