SEPTEMBER 7 TO SEPTEMBER 13, 2023 | JAXDAILYRECORD.COM
BUSINESS & LEGAL NEWS IN BAKER, CLAY, DUVAL, NASSAU AND ST. JOHNS COUNTIES
COMMERCIAL REAL ESTATE
INSIDE
A MILLION TO NONE
The pipeline is drying up for 1 million-square-foot speculative centers, but industry leaders say the market is strong and more projects will emerge.
THE BASCH REPORT
$11.9 billion Black Knight sale closes, with FTC terms PAGE 12
DEVELOPMENT
New Hyatt Studios brand may come to Jacksonville PAGE 4
IMESON PARK SOUTH An aerial view of Imeson Park South, south of Zoo Parkway in North Jacksonville. The total 3 million-square-foot park includes the 1 million-square-foot Building E, with Sam’s Club speculated as the tenant. It also comprises the 547,200-squarefoot Building C and 202,800-square-foot Building A and two more structures in the pipeline. VanTrust Real Estate is the developer and JLL is the representative.
JLL
BY KAREN BRUNE MATHIS EDITOR
D
rive by one of Jacksonville’s biggest Amazon.com centers or the Wayfair warehouse and the size stands out. The facilities are at least 1 million square feet in size. By comparison, that’s more space than in the Bank of America Tower, Downtown’s tallest building. Perhaps more visually, they are closer to the square footage of The Avenues and Regency Square malls. They’re big. Developers who build them on spec – speculatively, without a signed tenant, although with the expectation that tenants are looking – take a chance, which is why there aren’t many. The two that were on the market are now leased and tenants are expected to be in and operating by year-end.
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Total Distribution Inc. confirmed it will move into the 1 million-square-foot warehouse in Florida Gateway Logistics Park in West Jacksonville. Sam’s Club is widely believed to be the code-named Project Crystal for the 1 million-square-foot warehouse expected to complete construction this month in Imeson Park South in North Jacksonville. But there are no more. For now. WHY NOT NOW?
Real estate brokers and developers say there is plenty of land in the Jacksonville area for more 1 million-square-foot speculative warehouses and eventually there will be a need. Luke Pope, JLL executive managing director, represented SEE WAREHOUSES, PAGE 8
THE MATHIS REPORT
Bank of America parking garage in city review The six-level, $24.7 million garage is for employees at the bank’s campus along Southside Boulevard. It will bring 1,447 spaces in the northernmost parking lot at the Gramercy Woods business park. PAGE 6
COMMERCIAL REAL ESTATE
Jaguars owner buys Seahorse Shad Khan paid $36.95 million for the Seahorse Oceanfront Inn in Neptune Beach and has plans for the property. PAGE 10 RESIDENTIAL REAL ESTATE
July single-family home sales fall But the median price for a single-family home rose to $395,000, up 1.3% from June. PAGE 14 LAW & THE COURTS
Let’s Drive Jax Pre-registration opens for third annual driver license reinstatement expo. PAGE 18
VOLUME 110, NO. 43 | TWO SECTIONS | PUBLISHED SINCE 1912