A group led by Hazel Street Capital LLC paid $1.743 million Nov. 1 for Park 295 Industrial Park property where it is building a 101,307-square-foot building.
Through FP-Hazel Park 295 Owner LP of Hoboken, New Jersey, Hazel Street Capital bought 7.58 acres from Northpoint Development LLC of Kansas, City, Missouri.
The buyer appears to be a venture with Faropoint, a real estate investment manager based in Hoboken. Its address is on the deed recorded Nov. 8 with the Duval County Clerk of Court. FP-Hazel Park 295 Owner LP was registered with the state Sept. 12, 2024, with the Hoboken address.
The sale comes as the city issued a site-clearing permit Oct. 31 for developer Hazel Street Capital to clear land for the final building of five at the 175-acre Park 295 Industrial Park that Northpoint is developing in Northwest Jacksonville.
ARCO Design/Build is the contractor for the almost $3.64 million project to clear 7.58 acres at 2555 Ignition Drive for the 101,307-square-foot building.
The city received civil engineering plans July 15 for Miami Beach-based Hazel Street Capital to develop the proposed Building A at the park at southwest Interstate 295 and Duval Road.
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.
BGE Inc. of Jacksonville is the civil engineer and landscape architect. ECS Florida LLC of Jacksonville is the environmental consultant and geotechnical engineer.
NorthPoint Development of Kansas City, Missouri, is the developer of Park 295. It sold the land to Hazel Street through NP Jacksonville Industrial LLC.
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.
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.
Pending due diligence, he expected a fourth-quarter sale and a 2025 construction time line.
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.
In August, Faropoint bought five industrial properties in North Jacksonville for $63 million. The properties comprise four completed buildings and one storage lot in Alta Lakes Commerce Center.