The final building of five is in review for development at the 175-acre Park 295 in Northwest Jacksonville.
City utility JEA issued a service availability determination letter May 7 for the proposed 99,840-square-foot Building A at the park at southwest Interstate 295 and Duval Road.
ARCO Design/Build provided a conceptual plan. BGE Inc. of Jacksonville is the civil engineer.
The building is planned along Ignition Drive.
NorthPoint Development of Kansas City, Missouri, is the developer of 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 is under contract for sale to a developer who anticipates a five-bay warehouse for smaller tenants.
Antczak said NorthPoint decided it would sell the site. “We found a buyer pretty quickly,” he said.
Pending due diligence, he expects 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.
“The small bay is going to do very, very well there,” he said.
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.
“It’s been a successful park,” he said of Park 295.
Park 295 owners planned about 1.7 million square feet of industrial development among five buildings 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 are developed and leased.
Building B: Fully leased
552,636 square feet
2619 Ignition Drive
Tenants: Medical supplies distributor Sarnova; power company APR Energy; Ulta Beauty Inc.; and UNIS LLC, which will sublease out some of its space to smaller clients
Building C: Fully leased
394,277 square feet
2737 Ignition Drive
Tenants: Southeastern Metals Co.; Marcone Appliance Parts Co.; and Arrowhead Engineered Products.
Building D: Fully leased
435,943 square feet
2845 Ignition Drive
Tenant: Alta Warehousing & Logistics.
Building E: Fully leased
217,268 square feet
2895 Ignition Drive
Tenant: Logistics company Kenco