Westlake Industrial Park - Jacksonville, Florida

Upon completing the two building, 833,000 square foot Majestic International Tradeport project with Majestic Realty Co., we began to search for our next development project in the growing port market of Jacksonville, Florida.  Although we were one of the first national developers in the market, many competing industrial REIT’s and national development firms were combing the market for suitable land development sites.  Understanding this, we followed our proven market underwriting approach, leveraging relationships with the brokerage community and landowners to identify the most viable opportunites.  The Jacksonville market presented many challenges including:

• Lengthy entitlement process – DRI & PUDSignificant wetlands & corresponding mitigation requirementsDifficult soil conditions & surcharge requirementsStrong local and national competitionLack of development ready land sites
• Rapidly appreciating land costs

After carefully analyzing the market, we were successful in securing purchase agreements for several sites within the Westlake Industrial Park.  This location included many inherent advantages:

• Existing DRI rights & EntitlementsFully finished industrial sites located near the entrance of the parkAccess to the Jacksonville International Airport and the Port of Jacksonville
• Class A, institutional quality Covenants, Conditions & Restrictions

Using our transaction-tested due diligence approach, we partnered with the landowners and the city to find the best solutions for the various site challenges.  Ultimately, we were successful in assembling multiple parcels netting the following benefits:

• Transferred excess DRI rights from one parcel to others providing a significant net purchase price savingsOptimized the site configuration by securing additional trailer parking and site detention in an adjacent public utility easement
• Utilized previous contractual agreements to secure adjacent fill dirt at below market cost

This culminated in the formation of two development partnerships, the first a 95 acre, 1.6 million square foot development with ProLogis and an approximate 12 acre, two building, 182,000 square foot project with private investors.

 

 

Westlake Industrial Park - Jacksonville, Florida

Location:                               Jacksonville, Florida - Westlake Industrial Park

Acreage:                                   95 Acres

Buildable Square Feet:           1,500,000

Product Type:                           Industrial - Warehouse/Distribution

Number of Buildings:             Three

Ranging in size from:              448,000 to 1,000,000 square feet

Overview:

The Westlake Industrial Park project is a development venture between ProLogis, the world’s foremost industrial REIT, and Venture Partners, LLC.   This development is strategically located at the entrance of Westlake Industrial Park, near the Port of Jacksonville and Jacksonville International Airport.  The proposed buildings range in size from 448,000 to 1,000,000 square feet, providing cross-dock loading, high bay storage and over a one-to-one ratio of trailer parking positions to loading doors.  Build-to-suit opportunities are available.

Westlake Industrial Park - Jacksonville, Florida

 

Location:                                      Jacksonville, Florida - Westlake Industrial Park

Acreage:                                       11.89 Acres

Buildable Square Feet:              182,000 SF

Product Type:                              Industrial - Warehouse/Distribution/Manufacturing/Light Assembly

Number of Buildings:               Two

Ranging in size from:              40,000 SF± & 100,000 SF±

Overview:

This two building development within Westlake Industrial Park is a venture between private investors and Venture Partners, LLC.  The project is adjacent to Venture Partner’s 95-acre development with ProLogis.  Offering great access to I-295 and I-10 via Pritchard Road, this project can accommodate users or tenants requiring a stand-alone facility.  These class A high image buildings are divisible, and offer front park rear load,  enclosed private yards, secured truck courts and trailer parking.  Build to suit available.