Graham/Corfac Starts $60M Spec Industrial Plan

ST. AUGUSTINE, FL-Birmingham, AL-based developers Graham & Co./Corfac International has broken ground on First Coast Distribution Center. The plan is for a four-building, one-million-sf speculative industrial park.

Located within St. Augustine Industrial Park, phase one of the project consists of a 208,000-sf building which is expected to be completed in the first quarter of 2008. Graham & Co. has appointed Jeff Graham, president of Jacksonville-based King Commercial Realty/Corfac International, as the exclusive leasing agent for the project.

The project cost for the first phase is expected to be $20 million, with the entire project cost expected to be up to $60 million, Graham tells GlobeSt.com. The three additional buildings planned for the site, which will be constructed in subsequent phases, include the 64,896-sf building two, the 208,000-sf building three and the 500,864-sf building four. "The start of the subsequent phases depends upon leasing of the first phase," Graham says. "Once phase one is approximately 80% leased, we'll begin phase two."

Leasing efforts for the project have started, but no deals have yet been signed. Graham anticipates the project will attract distribution and light industrial tenants. "We anticipate that there will be up to four tenants in the first phase," he says.

The first building under construction will include a 32-ft clear ceiling height, 52 ft by 58 ft column spacing, 11,960-sf bays, 130-ft truck court, TPO membrane roof, an ESFR type IV sprinkler system and extra on-site trailer storage and parking.

The project has access to the Interstate 95 interchange and Highway 207 and also offers clear interstate visibility. Neighboring tenants within St. Augustine Industrial Park include Tree of Life Distribution, Georgia Pacific and 84 Lumber. "This is the first major industrial park south of Jacksonville," he says. "The Northeast Florida industrial market is very active right now."