By: Karen Brune Mathis
Merritt Properties announced March 30 that it closed on the purchase of 16 acres to build three more flexible-use light industrial buildings, totaling up to 114,500 square feet, at Imeson Landing Business Park in North Jacksonville.
Merritt said it bought the land March 29 for $1.2 million from Imeson Investments LLC.
Bobby Lanigan and Franklin represented Merritt and Luke Pope of JLL represented the seller in the transaction.
Construction is scheduled to start in 2024. Leasing is underway.
Merritt said that when completed, the development will comprise 380,700 square feet of space among eight flex/light industrial building.
The site is at Imeson Park Boulevard and Zoo Parkway.
The first three buildings at Imeson Landing Business Park are 75% leased.
Merritt said it anticipates constructing the next two buildings within the park this year before starting work on expansion area, which is next to the first phase of development,
“This purchase stood out as the perfect land-acquisition opportunity given its proximity to our buildings across the street,” said Pat Franklin of Merritt’s leasing team in a news release.
“Our expansion will allow us to continue to fill a void for newly constructed, Class A light industrial product while providing flexibility for growing companies of all sizes. Our single-story flex buildings are leasing to small and mid-sized businesses that require a combination of office and warehouse or light manufacturing space.”
Merritt said it has signed nine leases with tenants ranging from 3,000 square feet to 29,000 square feet among the first buildings.
With the expansion of Imeson Landing Business Park, Merritt said its Florida flex/light industrial footprint will exceed 600,000 square feet among 15 buildings.
Merritt’s Oakleaf Commerce Center, a 158,400-square-foot flex/light industrial business park in Clay County, is under site plan review with the county. The developer said it hopes to deliver the first building there before the end of 2023.
The company also owns and manages Magnolia Park, a three-building, 80,863-square-foot flex/light industrial park in Duval County.