JACKSONVILLE, FL–There seems to be no letup in the area’s speculative warehouse market. The latest: Becknell Industries plans another building in the northwest after high interest in a 185,686-square-foot structure under development.
Reports are the Indiana-based company will close on a 12.49-acre site immediately north of that development, near the intersection of Pritchard Road and Cisco Drive West. The development firm will build its second speculative facility in Westlake Industrial Park, which is being marketed by Colliers.
“Demand is outpacing supply,” said Dan Fogarty, senior vice president of development at Becknell. “That’s evident.”
The new facility is planned to be 161,025 square feet. Work on the building will begin as soon as a lease is signed on the first spec warehouse at 12075 Pritchard Road, which has two companies vying for space, said company officials.
Both companies are retailers interested in distribution space.
Jacksonville’s industrial market is either near or below a 3% vacancy rate, according to various market reports from CBRE, Cushman & Wakefield, Colliers and JLL. That demand continues to spur spec development.
Becknell owns and operates 158 industrial properties. Its web site says its national portfolio now includes 20.8 million square feet of industrial real estate property, representing in excess of $1.5 billion, in addition to nearly 400 acres of developable ground for future distribution properties.