New Warehouse Development Permits Issued in Jacksonville
Jacksonville, FL – The city has issued permits for the development of two new speculative warehouses at the Westlake Commerce Center, a significant move for the local industrial market. MWI Property Group, formerly Midwest Industrial Funds, has secured approvals to begin construction on Building 200, a substantial warehouse project with a footprint of 192,924 square feet.
What is Happening?
On December 6, the city authorized ARCO Design/Build to commence construction of Building 200 located at 9391 Pritchard Road. The project is expected to cost nearly $15.1 million. As part of the project, a site permit was also issued for clearing approximately 9.53 acres to prepare for the construction phase. MWI Property Group’s senior vice president of development, Matt Hubert, indicated that clearing will begin immediately, allowing construction to follow without delay.
Building 100 Status
The permits for Building 200 come on the heels of progress on Building 100, another warehouse under construction in the same vicinity. This facility, which spans almost 337,000 square feet, is located at 9395 Pritchard Road and has a projected cost of $23.9 million. The permit for site clearing was granted on February 7, 2023, with construction nearing completion by the end of December. MWI Property Group has confirmed that a speculative office space will be available for occupancy once construction wraps up.
Location and Importance
Both buildings will be situated in the Westlake Industrial Park, strategically positioned just off Interstate 295. This prime location offers convenient access to major transportation routes, including I-95 and I-10, making it an attractive site for industrial operations. The area is also beneficially close to the Jacksonville International Airport and the port of Jacksonville, enhancing its logistical appeal.
Investment Background
MWI Property Group acquired the land for these developments in December for almost $3.54 million, purchasing 30.23 acres from two parties, including Westlake Land Management Inc. and Edward E. Jenkins III with Rosemary A. Jenkins. The strategic selection of this area emphasizes MWI’s focus on high-demand industrial markets with limited vacancies, as noted by PCCP Managing Director Kevin Chin.
Market Potential
Hubert noted in earlier statements that Jacksonville has become a vital player in the Southeast’s industrial landscape, citing strong demand from various users. The ongoing construction projects are expected to attract businesses and tenants seeking space in this growing market. No lease agreements have been finalized yet, but there is a noted surge in interest, with encouraging activity levels.
Conclusion and Future Outlook
As MWI Property Group continues its aggressive development strategy, the completion of these warehouses could significantly impact Jacksonville’s industrial market, contributing to job creation and economic growth in the region. Leading the leasing efforts are Colliers Senior Vice President Guy Preston and Associate Seda Preston, who aim to attract potential tenants for both new buildings.
As of now, all eyes are on the development progress, which could enhance the city’s capacity to support burgeoning industrial needs.
