Hazel Street Capital LLC is the developer planning to develop the final building of five at the 175-acre Park 295 Industrial Park in Northwest Jacksonville.
The city is reviewing civil engineering plans submitted July 15 for the Miami Beach-based company to develop the proposed Building A on 7.58 acres at the park at southwest Interstate 295 and Duval Road.
The address is 2895 Ignition Drive. Plans refer to it as Park 295 Landing.
JEA issued a service availability determination letter May 7 for the project.
The city issued a concurrency reservation certificate May 31, identifying Hazel Street Capital LLC as the developer and prospective buyer of the land from NP Jacksonville Industrial LLC.
The JEA and concurrency applications specify a 99,840-square-foot building, while the civil plans show a 101,307-square-foot building.
The St. Johns River Water Management District is reviewing an environmental resource permit application received July 15 for the project, which is described as the construction of a 100,000-square-foot industrial warehouse distribution facility and associated infrastructure.
BGE Inc. of Jacksonville is the civil engineer and landscape architect. ECS Florida LLC of Jacksonville is the environmental consultant and geotechnical engineer.
ARCO Design/Build provided a conceptual plan to JEA.
NorthPoint Development of Kansas City, Missouri, is the developer of Park 295.
Florida Division of Corporation records show Robert Fitzgerald and James Ryan registered Hazel Street Capital LLC with the state April 8, 2024.
Fitzgerald said by email July 11 he would discuss the project after buying the land.
Fitzgerald and Ryan appear to be experienced developers.
The website for Iconic Equities Group – IconicEquitiesGroup.com – lists Robert Fitzgerald as director of acquisitions and James Ryan as director of asset management and construction.
Iconic Equities Group has offices in Miami and Los Angeles, targeting markets in the Southeast and Southern California “that have experienced outsized long run population growth, have strong access to major ports and highways, and where demand continues to outpace new supply.”
Its list of 11 target markets includes Jacksonville.
Park 295 Building A was designed as a 104,965-square-foot build-to-suit for lease, but that plan changed.
Newmark Phoenix Realty Group Senior Vice President Richard Antczak said May 31 the 7.5-acre Building A site was under contract for sale to a developer who anticipates a five-bay warehouse for smaller tenants. He did not identify the developer.
Antczak said NorthPoint decided it would sell the site. “We found a buyer pretty quickly,” he said.
Pending due diligence, he expected a fourth-quarter sale and a 2025 construction time line.
Tenants needing space from 50,000 and less are finding that few developers are building small-bay industrial facilities favored by small, blue-collar businesses, and vacancy rates among small industrial properties remain near all-time lows, reported the CoStar Analytics real estate research service.
“Jacksonville is ranked No. 2 as the tightest small-bay market in the country,” Antczak said.
Louisville, Kentucky, is No. 1.
In a CoStar report for March 2024 about the tightest markets, Louisville was found No. 1 based on three criteria: a 1.6% availability rate for spaces less than 50,000 square feet for rent; a median 3.5 months to lease for 10,000- to 25,000-square-foot spaces; and 1.5 months for spaces less than 10,000 square feet.
Jacksonville followed at No. 2 with a 3.5% availability rate and a median of 2 months for both 10,000 square feet and those up to 25,000 square feet.
Antczak is representing NorthPoint in the property sale and could represent the buyer in tenant leasing.
Park 295 owners planned five buildings totaling about 1.7 million square feet of industrial space on its 139 developable acres.
Through NP Jacksonville Industrial LLC, NorthPoint paid almost $4.77 million in August 2018 for the park property.
Antczak and Newmark Phoenix Realty Group President and principal John Richardson and Senior Vice President and principal Ladson Montgomery are the agents and the landlord representatives for NorthPoint.
The first four buildings, totaling 1.6 million square feet of space, are developed and leased.
• Building B is 552,636 square feet.
• Building C is 394,277 square feet.
• Building D is 435,943 square feet.
• Building E is 217,268 square feet.
Adding Building A totals 1.699 million square feet of space.