JACKSONVILLE, FL-New York City-based ING Clarion and Dallas-based Trammell Crow Development are planning to break ground by the end of the year on Perimeter West Industrial Park. The 800,000-sf speculative industrial park will rise at Interstate 295 and Pritchard Road.
The first phase of the project, which will consist of a 260,000-sf building, is expected to be completed in the second quarter of 2008. Four additional buildings are planned for the development: the 207,000-sf building two, the 130,000-sf building three, the 97,500-sf building four and the 85,000-sf building five.
"We remain bullish on the long-term fundamentals of Jacksonville and believe Perimeter West is well positioned within the market," says Kristopher Arviso, of ING Clarion.
Building one will include clear ceiling heights of 30 feet, column spacing of 50 feet by 50 feet, a TPO membrane roof, an ESFR type IV sprinkler system and on-site trailer storage. The project will have access to Interstates 95 and 10 and is located in close proximity to the Jacksonville International Airport.
Locally based King Commercial Realty/Corfac International is the exclusive leasing agent for the project. Marketing efforts have started for the project, but there are no signed leases, King Commercial Realty/Corfac International president Jeff Graham tells GlobeSt.com. "We are hoping to attract companies that are in the distribution or logistics business," he says.
King Commercial Realty/Corfac tracks activity through a proprietary database. There has been 2.9 million sf of industrial activity thus far this year, with 1.9 million sf of positive absorption. "Vacancy levels are down across the board," he says. "There is currently about a 7.9% vacancy rate in distribution space."
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