The city issued a foundation permit April 28 for Butler 95 Logistics Center, a warehouse under development by Foundry Commercial and Barings.
Jacksonville-based Dana B. Kenyon Co. is the contractor for the foundation for the 183,249-square-foot warehouse at a cost of almost $1.83 million.
The pending permit for the construction of the shell building shows a job cost of $8.85 million.
The structure is at 8332 Cypress Plaza Drive at Baymeadows Way.
The 13.14-acre site is south of Butler Boulevard between Philips Highway and Interstate 95.
Foundrycommercial.com says the building will be delivered in the first quarter of 2024.
“Designed with today’s logistics users in mind, the park is located in the Butler Corridor on Jacksonville’s Southside. Dock high doors, intermediary ramps, and spec offices are all delivered with shell for fast tenant occupancy options,” says the website.
C4 Architecture LLC of Orlando is the architect.
Foundry Partner Mark Scott and Senior Associate John Cole are the leasing contacts.
“Foundry is developing the building because there is a need for new modern warehouse space on the south side of Jacksonville,” Scott said April 28.
Scott said there has been little new warehouse construction on the Southside for 20 years.
He said the vacancy rate among that area’s industrial sector is a tight 2%.
Scott said the speculative project could accommodate up to five tenants.
“We do not have a tenant but we anticipate the activity will be fairly robust,” he said.
He said there are companies that need additional space because they are operating inefficiently among several locations.
Scott said tenants could be any company that needs warehouse space, such as those that are ancillary or support uses for other industries in the area like building supplies and food distribution.
BCBF Cypress Plaza LLC of Orlando bought the property Sept. 7, 2022, for $3.75 million.
The LLC is housed with Foundry Commercial.
The Butler 95 Logistics Center brochure shows Foundry will develop the project with Barings, which is an international real estate investment manager.
Barings is a $347 billion global investment manager across public and private fixed-income, real estate and specialist equity markets.
It is a subsidiary of MassMutual and has investment professionals in North America, Europe and Asia-Pacific.
Massachusetts Mutual Life Insurance Co. is based in Springfield, Massachusetts.