Merritt Properties Buys Jacksonville Industrial Park
The deal expands the company’s portfolio in the market to 500,000 square feet.
Merritt Properties has acquired a five-building industrial park at 5022 Gate Parkway in Jacksonville, Fla.
Formerly known as The Meridian at Deerwood, the property has been renamed Merritt at Gate Parkway. Located in the heart of St. Johns Town Center, it is accessible directly off J. Turner Butler Boulevard on Gate Parkway in Duval County.
Merritt at Gate Parkway spans five buildings and offers 200,000 square feet of light industrial space. It has available space starting at 3,500 square feet. Established tenants include DB Structured Products and MMI.
Zoned as Industrial Business Park, the site offers 14-foot clear heights and ample parking, providing flexible industrial space for various businesses.
At the time of the deal, the Southside Duval County submarket reported a light industrial vacancy rate of less than 3 percent.
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Previously, the development had transitioned to a single-story office layout. Still, with increasing demand for small-bay light industrial spaces, Merritt Properties found it an opportunity to convert the property to Class A light industrial use.
Plans are underway to enhance the property by installing drive-in docks and further upgrading the facilities to meet modern industrial standards. The site also has significant redevelopment potential.
Portfolio expansion continues
Merritt Properties continues to grow its portfolio in Jacksonville. It already owns and operates Imeson Landing Business Park, a five-building industrial park that it plans to expand with three additional buildings.
Additionally, Merritt Properties owns land in Clay County for the future development of Oakleaf Commerce Center and acquired Magnolia Park, a three-building business park, during its initial expansion into Jacksonville in 2021. Merritt holdings in Jacksonville now exceed 500,000 square feet of light industrial in just two years of being in the market.
Additionally, the city of Jacksonville issued a permit on Aug. 9 for MW Builders Inc. to build a speculative 547,000-square-foot warehouse within Imeson Park South at 1511 Zoo Parkway in North Jacksonville.
The developer is VanTrust Real Estate LLC, and the project’s estimated price tag is $1 million. It hasn’t announced the construction start. The pad is in place, and the building should break ground soon, JLL told Commercial Property Executive.
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