Merritt Properties has acquired a five-building industrial park at 5022 Gate Parkway in Jacksonville, Fla.
Previously often known as The Meridian at Deerwood, the property has been renamed Merritt at Gate Parkway. Positioned within the coronary heart of St. Johns City Middle, it’s accessible immediately off J. Turner Butler Boulevard on Gate Parkway in Duval County.
Merritt at Gate Parkway spans 5 buildings and presents 200,000 sq. toes of sunshine industrial house. It has out there house beginning at 3,500 sq. toes. Established tenants embody DB Structured Merchandise and MMI.
Zoned as Industrial Enterprise Park, the positioning presents 14-foot clear heights and ample parking, offering versatile industrial house for numerous companies.
On the time of the deal, the Southside Duval County submarket reported a lightweight industrial emptiness charge of lower than 3 p.c.
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Beforehand, the event had transitioned to a single-story workplace format. Nonetheless, with growing demand for small-bay mild industrial areas, Merritt Properties discovered it a possibility to transform the property to Class A light-weight industrial use.
Plans are underway to boost the property by putting in drive-in docks and additional upgrading the amenities to fulfill trendy industrial requirements. The location additionally has vital redevelopment potential.
Portfolio enlargement continues
Merritt Properties continues to develop its portfolio in Jacksonville. It already owns and operates Imeson Touchdown Enterprise Park, a five-building industrial park that it plans to develop with three extra buildings.
Moreover, Merritt Properties owns land in Clay County for the long run improvement of Oakleaf Commerce Middle and bought Magnolia Park, a three-building enterprise park, throughout its preliminary enlargement into Jacksonville in 2021. Merritt holdings in Jacksonville now exceed 500,000 sq. toes of sunshine industrial in simply two years of being out there.
Moreover, the town of Jacksonville issued a allow on Aug. 9 for MW Builders Inc. to construct a speculative 547,000-square-foot warehouse inside Imeson Park South at 1511 Zoo Parkway in North Jacksonville.
The developer is VanTrust Actual Property LLC, and the venture’s estimated price ticket is $1 million. It hasn’t introduced the development begin. The pad is in place, and the constructing ought to break floor quickly, JLL instructed Industrial Property Government.
