Development site transactions, the hottest segment in North Florida commercial real estate, totaled $36 million. Land deals for retail sites amounted to $22 million.
The firm's largest transaction was the $4.6-million sale of a 140-acre tract at Pecan Park Road and Interstate 95 in north Jacksonville. Pecan Park Development LLC acquired the site for $32,857 per acre, or 75 cents per sf, from Mountain Land & Timber Co. of North Carolina. Colliers Dickinson's largest retail deal was the $2-million sale of the former Scott's facility on San Jose Boulevard.
Industrial development activity is taking the spotlight in the Jacksonville market, says Colliers Dickinson's research director Louis Galant. "Over the past five years, our industrial vacancy rate has consistently been under 10%," Galant says. The current vacancy level for warehouse space is about 8% "and that's very impressive when many other cities are posting industrial vacancy rates in the teens and low 20s," he says.
The researcher credits Jacksonville industrial developers for the positive news. "We've all shown restraint, unlike many other cities that overbuilt industrial space," Galant says. "We've planned development so that supply and demand are balanced. As the industrial market improves, we have plenty of room to expand within the boundaries of demand."
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