Pattillo Industrial Real Estate added about 103 acres to its West Jacksonville land holdings this week.
Two limited liability companies affiliated with Atlanta-based Pattillo paid nearly $14.7 million in two acquisitions Wednesday for property near its Westside Industrial Park.
Both were sold by Prologis Inc. of Denver.
“We think these are great sites and clearly we are bullish on Jacksonville,” said Pattillo Vice President Peter Anderson of Jacksonville.
He said two of the sites can be combined for a 1-million-square-foot project and the other could accommodate up to 450,000 square feet of space.
KTR North Florida LLC, a Prologis company, sold the Perimeter West I distribution center to Pattillo, through JAX6595 LLC, for $7.5 million.
The almost 138,000-square-foot structure sits on nearly 7.1 acres at 6595 Pritchard Road. Anderson said it is fully leased.
Prologis sold 96.33 acres of vacant industrial land among three parcels for $7.175 million to Westlake Land LLC. That property, within the nearby Westlake Industrial Park, is at Pritchard and Directors roads, about 11/2 miles from Westside Industrial Park.
The deeds were executed Wednesday and recorded Thursday with the Duval County Clerk of Court.
Anderson said Pattillo hopes to build on the land in the next two years, based on the market. He said the company hoped to name the vacant land after customers at some point.
The newest acquisitions boost Pattillo’s Jacksonville holdings to about 1,500 acres. In November, it bought 115 acres along Imeson Road, next to the 960-acre Westside Industrial Park.
Westside Industrial Park is at Pritchard and Imeson roads.
The vacant Imeson property can accommodate up to 1.3 million square feet of space among three or four buildings.
Anderson expects to start seeking approval soon for a 150,000-square-foot building.
“We feel like Westside Industrial Park was a fairly mature park now,” Anderson said.
Pattillo wanted more property to accommodate expansion by its existing customer base and for new prospects.
Anderson said the Imeson and Pritchard road purchase “gives us two of the best development sites for large industrial projects in Jacksonville.”
He said the properties also provide synergy in that Westside Industrial Park’s team can manage and lease the properties.
Pattillo also owns the 362-acre NorthPoint Industrial Park.
The company owns more than 7 million square feet of industrial space among the Westside and NorthPoint industrial parks. The recent acquisitions boost that capacity to almost 10 million square feet.
“We are by far the owner of the largest portfolio of industrial buildings in Jacksonville,” Anderson said.
Anderson said Pattillo needed additional land to continue its Westside growth.
The acquisition “should hold us for the next five to 10 years,” he said.
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