The city is reviewing a permit application for Vardaman Construction LLC to build the 237,500-square-foot Port Commerce Center on 38 acres in North Jacksonville along Alta Drive, west of Interstate 295.
Vardaman, of Birmingham, Alabama, is the contractor for developer Growth Capital Partners, also of Birmingham.
Paul Vardaman is president of Vardaman Construction and managing partner with GCP Development, an affiliate of Growth Capital Partners.
Growth Capital Partners is a real estate investment holding and management firm headquartered in Birmingham, with offices in Atlanta and Jacksonville.
Leasing broker Bryan Bartlett, senior vice president and principal of Newmark Phoenix Realty Group Inc, said in June the distribution center should be completed in the second quarter of 2023.
The address is 10616 Alta Drive, at Alta and Port Industrial drives, fronting Dunn Creek.
It is near the JaxPort Dames Point and Blount Island Marine Terminals.
Bartlett brokered the property sale in February to Growth Capital Partners.
Growth Capital Partners and a partner paid $2.952 million for the property Feb. 24.
It bought the land as P9/GCP Alta Drive LLC from Alta Jacksonville Holdings LLC, which is led by E. Chester Stokes Jr.
P9/GCP Alta Drive LLC was registered with the state Jan. 7, 2022. It is led by members of AEW Capital Management in Boston.
Vardaman is listed as applicant and the contact for the land owner in plans filed for review.
“Jacksonville continues to see tremendous demand from tenants looking for space in our market,” Bartlett said.
“This property is located near the port and is looking to accommodate tenants that need Class A space in the growing north Jacksonville industrial submarket.”
He said the Jacksonville industrial vacancy rate remains low, now at 3.1-3.5%.
“And the city has limited land sites for new developers who want to capitalize on this demand,” Bartlett said.
