North Signal Starts Work on Jacksonville Project

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North Signal Capital has started construction on a 422,136-square-foot Class A industrial building in Imeson Park, a submarket of Jacksonville, Fla.

A joint venture between the company and Fox Capital Partners acquired the 40-acre lot in March of this year. Synovus Bank will provide construction financing for the project. The facility is slated for completion in August 2023.

Designed for multiple tenants, North Signal’s new development will feature  tilt-up concrete construction, ESFR sprinkler systems, 36-foot clear heights, mechanical dock levelers and seals, and 180 trailer parking spots. The building will also include an office component consisting of two 1,000-square-foot office units, located at both ends of the property. Located at 1000 Imeson Park Blvd., the development will be situated close to Interstate 95, Highway 17 and 9.2 miles from downtown Jacksonville.

Evans General Contractors is the appointed contractor, leading the construction team that includes LS3P, OMNI Partners, England-Thims & Miller and LJB. JLL will oversee leasing, with a team formed of Managing Director Luke Pope and Vice President Ross Crabtree.

Higher industrial demand

North Signal is developing some 6 million square feet in Jacksonville, Fla., Charleston, S.C., and Savannah, Ga., according to the company. Jacksonville’s population is expected to grow with the in-migration of some 75 people per day in the next 5 years, while corporate employees are choosing Jacksonville over other markets with higher taxes and costs of living, thus making industrial demand higher, JLL’s Luke Pope said in prepared remarks.

Other recent deals in the region include LRC Properties and Machine Investment Group’s $29.6 million acquisition of 600 Whittaker Road, a 469,830-square-foot distribution center and Sealy and Co.’s $98 million purchase of two Class A logistics facilities with a total of 841,849 square feet in Lakeland, Fla. In May, Hines began construction of its four-building Tampa Commerce Center, a Class A industrial park in Tampa, the company’s first industrial project in the area, expecting to exceed 600,000 square feet.