PCCP JV to Develop 337 KSF Jacksonville Industrial Facility
A joint venture of PCCP and Midwest Industrial Funds has broken ground on a 337,000-square-foot speculative facility within Westlake Industrial Park in Jacksonville, Fla. Completion is scheduled for December.
The developer acquired the land at the end of last year for $3.5 million and took out a $19.3 million construction loan from CIBC Bank, according to public records. The note is set to mature in December 2026.
Partners on the project include general contractor ARCO Design/Build and architecture firm ADB Design Services, Jacksonville Daily Record reported. England-Thims & Miller Inc. is the civil engineer, while Colliers Senior Vice President Guy Preston and Associate Seda Preston will take care of leasing.
The Class A warehouse will feature 36-foot clear heights, 190-foot truck court and 72 dock-high loading doors. Additionally, the rear-load facility will comprise 245 vehicle parking spaces and 97 trailer stalls. Plans also include a second, adjacent building set to measure about 193,000 square feet, bringing the total project cost to $60.4 million, Colliers marketing materials show.
The 33-acre site is at the junction of Pritchard Road and Jones Road, 4 miles from Interstate 295. The development is 14 miles from downtown Jacksonville and Jacksonville International Airport, while the Port of Jacksonville is some 12 miles southeast.
PCCP’s growing industrial pipeline
The news comes on the heels of PCCP’s joint venture with Panattoni Development Co. and Hunt Cos. for the development of Project Grande, a 939,612-square-foot industrial development in El Paso, Texas. The project is scheduled to come online in the second half of this year.
In September, the firm partnered with BBX Logistics Properties to develop a 40-acre logistics park in Delray Beach, Fla. BBX Park at Delray will consist of three buildings totaling 672,533 square feet.
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