The city is reviewing permit applications for construction of two Becknell Industrial warehouses in Westlake Industrial Park at costs totaling $30 million.
Becknell applied for permits to build the 419,280-square-foot Building 2 on 35.64 acres at a cost of $18 million and the 270,716-square-foot Building 1 on 24.38 acres at $12 million.
They are marketed as fulfillment/distribution centers. Delivery is expected in the second quarter of 2022.
A third building, also 270,716 square feet, is planned.
“The industrial market is experiencing activity the likes of which we haven’t seen,” Colliers Associate Director Seda Preston said Oct. 15 by email.
“Vacancy in functional product is around 2%, leasing velocity is high and rental rates are up about 10% in just the last few weeks,” said Preston, who represents industrial services in Northeast Florida for Colliers.
Seda Preston and Colliers Senior Director Guy Preston represent the project, along with Matt Hubert, Becknell senior vice president of leasing and development, and Becknell Vice President of Leasing Matt Neumann.
Becknell Industrial plans three buildings totaling almost 960,712 square feet of space on the 103-acre Westlake Lot 24 that it bought Feb. 12.
The speculative structures are under development at 13171 Pritchard Road, west of Interstate 295. Kimley-Horn and Associates Inc. is the civil engineer.
“There are currently no committed tenants, but there is interest and we’re responding to RFPs,” said Seda Preston, referring to requests for proposal.
She said Building 3 will be built when the first two buildings are leased.
Becknell Industrial, based near Chicago, owns the property through Westlake 24 Industrial Venture LLC, in Carmel, Indiana. Becknell paid $6.06 million for the 103 acres, which carry 1.2 million square feet of development rights.
Hubert said Feb. 16 that Becknell bought the property “to continue growing our footprint in the Jacksonville market.”
Becknell bought the land from Norfolk Southern, through Westlake Land Management Inc., of Norfolk, Virginia.
Hubert said Lot 24 is in the southwest area of Westlake. The lot is south of Becknell’s Lot 33 purchase and west of its Lot 21 property.
The purchase expanded Becknell’s holdings in Westlake to about 250 net developable acres, Hubert said.
