(To read more on the industrial market, click here.)

JACKSONVILLE, FL-Locally based Laney & Duke Terminal Warehouse Co. Inc., a 77-year-old logistics firm which has outgrown its quarters, has contracted with Plano, TX-based Hillwood to develop a 400,000-sf build-to-suit distribution center in Norfolk Southern Railroad’s Westlake Industrial Park. The park is off Pritchard Road on Jacksonville’s west side.

Hillwood officials couldn’t be reached by GlobeSt.com’s publication deadline to learn the development cost of the project. However, area construction sources familiar with comparable ventures tell GlobeSt.com the center will probably be built at an estimated hard construction cost of $50 per sf or a total $20 million.

Brian T. Duke, president of Laney & Duke, and Gary Frederick, vice president of Hillwood Investment Properties, did not specify in a prepared statement when the project would break ground and when it might be completed. However, Duke says “the timing of this deal is key and very opportunistic, as there is increased awareness of Jacksonville, due to the recent MOL commitment at Jaxport.”

Last year, Tokyo-based Mitsui O.S.K. Lines Ltd. (MOL) signed a 30-year lease with the Jacksonville Port Authority to establish, for the first time, cargo container service between the port and Asia, as GlobeSt.com previously reported.

Duke says the build-to-suit “will have ample space that will allow Laney & Duke to capitalize on the increased activity and market to potential customers, while meeting the additional space needs of our existing customers.”

Under terms of the build-to-suit agreement, Laney & Duke and Hillwood also completed a sale-leaseback transaction on Laney & Duke’s 360,998-sf building at 2855 Faye Rd. Officials of both companies couldn’t be reached to learn the estimated value of that transaction. However, area industrial brokers familiar with the city’s west side submarket tell GlobeSt.com the Faye Road building could have gone down for about $40 per sf or a total $14.43 million.

The new Jacksonville project is part of about 9.6 million sf of commercial space under construction at Hillwood projects across the country, according to Frederick. Hillwood is owned by the Ross Perot family of Texas.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.