California-based real estate investor Prologis Inc. is exploring the logistics of developing a 600,000-square-foot project in West Jacksonville.
City utility JEA received a request from Prologis on Feb. 19 to determine the service availability on an 89-acre site at northwest Commonwealth Avenue and Pickettville Road, west of Interstate 295 and north of I-10.
Called Project Tidewater, the submission calls it a warehousing/manufacturing facility.
A Jan. 21 application to the JEA that was abandoned Jan. 22 referred to a 627,068-square-foot building, with a conceptual site plan that showed Prologis on 65 acres with 25 acres retained by the seller.
Prologis representatives did not immediately respond to requests for comment.
PW Commonwealth LLC of Jacksonville is the land owner. It is affiliated with Jacksonville-based N.G. Wade Investment Co.
Prologis is based in San Francisco. The application is from its East Rutherford, New Jersey, office.
Prologis, founded in 1983, says it leases modern logistics facilities to about 6,500 customers principally across two major categories: business-to-business and retail/online fulfillment.
As of year-end 2024, it owned or had investments in about 1.3 million square feet of space in 20 countries.
As of Sept. 30, 2024, it had 800 million square feet of space among 3,829 buildings in the U.S., according to an investor presentation.
In Florida, it owns properties in Orlando, Tampa and South Florida.
According to an investor fact sheet, the company’s top 10 customers are Amazon, The Home Depot, FedEx, Geodis, DHL, Ceva Logistics, GXO, UPS, Maersk and DSV.
Consumer products account for 34.1% of its rentable area, with top companies including Coca-Cola, Staples and Starbucks.
Third-party logistics clients include Geodis, Performance Team and UPS, making up 15%.
Many other major names – Wayfair, WestRock and the U.S. Postal Service, for example – also are among the Prologis customer roster.
It also included data centers in its presentation.
In its Jan. 21, 2025, fourth-quarter 2024 earnings conference call with investors posted by The Motley Fool, Robert W. Baird & Company senior research analyst Nick Thillman asked about U.S. Expansion.
Thillman asked whether Prologis was expected to start more projects in the U.S., and asked about a pickup in the build-to-suit side.
Prologis President Dan Letter responded that it was hard to provide a mix.
“We have so many opportunities, literally hundreds of opportunities. And most of this land is ready to go. So, we’re going to pay attention on a deal-by-deal basis, market by market and make decisions that way. We do see build-to-suits improving year over year as well,” Letter said.
“Our long-term average on build-to-suits is about 40% of the overall development starts. Hoping to hit that number. We definitely had some big build-to-suits that moved from ‘24 into ‘25,” he said.