Pattillo developing two speculative warehouses
Posted by Carlos Renteria on
Pattillo Industrial Real Estate intends to develop two speculative warehouses in West Jacksonville along Imeson Road that total almost 500,000 square feet.
West Jacksonville is the region’s largest submarket for industrial space, roughly 49 million square feet, with a tight vacancy rate below 5%, according to fourth-quarter reports by area commercial real estate companies.
Peter Anderson, Pattillo vice president, said the speculative buildings are planned on the parcel next to the BMW regional parts distribution center.
Building 2 is a proposed 169,400-square-foot multitenant center at 6040 Imeson Road. It is designed for multiple office fronts to divide into units of 40,000 to 80,000 square feet. The cost to build it to a shell condition is $10 million.
Building 3 is a proposed 297,979-square-foot warehouse at 5800 Imeson Road. The shell cost is $13 million. It is targeted for a single tenant but could be split into two spaces if required.
The projects are planned west along Imeson Road between Forshee Drive and Moncrief Road.
“We are proceeding with design and permit application and will start construction of the multitenant building immediately upon approval,” Anderson said.
He said the larger building will be developed as the market demands.
“The Jacksonville Industrial market has maintained low vacancy rates and we expect the economy to improve in 2021, thus we have confidence the project will be successful,” he said.
The property is part of Westside Industrial Park, which Pattillo affiliate Stone Mountain Industrial Park developed. Atlanta-based Stone Mountain Industrial Park owns the property where the two structures will be developed.
North Jacksonville is the area’s second-largest industrial market.
Based on four commercial year-end industry reports, North Jacksonville has about 31 million square of industrial space at an average vacancy rate of 10.5%.
Distribution space is in demand by shippers, retailers, manufacturers and, because of market forces and the pandemic, e-commerce fulfillment centers.