Pattillo, N.G. Wade propose $50 million WesJax Trade Center
Posted by Carlos Renteria on
Pattillo Industrial Real Estate and N.G. Wade Investment Co. want to develop a more than $50 million, 1 million-square-foot distribution warehouse in West Jacksonville called WesJax Trade Center.
The property is at 7379 Commonwealth Ave., west of Interstate 295 at northwest Commonwealth Avenue and Pickettville Road.
“We are just continuing to prepare for development,” said Pattillo Vice President Peter Anderson.
“The industrial market has remained firm thus far and appears to be holding steady,” he said.
The property is marketed as design-build, which means construction would depend on a company that intends to use it as a tenant or owner.
Anderson said there is not an active tenant or buyer. “Until we commit to building speculatively we are offering it for build-to-suit,” he said by email July 29.
He said City Council support of dredging for JaxPort is encouraging to the industrial market.
On July 28, Council authorized a $70 million city contribution and $40 million bridge loan toward the Jacksonville Port Authority’s dredging project in the St. Johns River.
JaxPort plans to deepen the 13-mile shipping channel from 40 to 47 feet from the Atlantic Ocean to the Dames Point Marine Terminal.
Anderson said CSX Corp. has a rail line next to the property. “That aspect has attracted certain manufacturers interested in ‘on-shoring’ to serve the Florida and SE USA market,” he said by email.
On-shoring is the return of manufacturing to the U.S. as opposed to offshoring, the practice of companies moving some processes or services to international locations.
The WesJax project would be one of several proposed 1 million-square-foot projects around the area, proposed either in one development or as part of a two-phase project.
Centers that size typically are e-commerce facilities that ship orders to consumers or are other types of fulfillment warehouses that send goods to retail stores and other brick-and-mortar customers.
WesJax Trade Center is venture between N.G. Wade and Pattillo. The venture owns the property, Anderson said.
JEA determined the service availability for the project, described in the request as a 1 million-square-foot distribution center.
Pattillo’s project brochure gives a range of 1.1 million to almost 1.3 million square feet on 89 acres.
Anderson said the final floor plan has not been determined.
It shows the center could be built in 2021. Anderson said timing depends on obtaining approvals but construction is likely within 12 months.
From: Jaxdailyrecord