- October 25, 2022
- Press Releases
Merritt Properties Expands Jacksonville Footprint, Acquires 16 Acres for Flex/Light Industrial Business Park
Developer Plans to Build Four Buildings off First Coast Expressway
Merritt Properties, a full-service commercial real estate firm with over 21 million square feet of space throughout Maryland, North Carolina, Florida and Virginia, has successfully acquired 16 acres of land in Jacksonville, Florida for the development of a 158,400-square-foot flex/light industrial business park. This marks the developer’s second speculative, flex/light industrial project in the market.
“We are incredibly excited to expand Merritt’s presence in Jacksonville,” said Pat Franklin of Merritt Properties’ Florida leasing team. “There is increased demand for small-bay, dock-loaded product throughout Jacksonville, so we are confident that this park will be well-received by a wide range of companies who are seeking office and warehouse space. Buildings will primarily cater to small businesses needing 2,700 to 10,000 square feet.”
Located in Clay County, one of Florida’s fastest growing regions, the development is situated just off First Coast Expressway, within the boundaries of the 6,400-acre master planned community of Oakleaf. The park will feature four single-story, flex/light industrial buildings ranging from 21,600 to 57,600 square feet. Each will offer 20-foot clear heights, ample parking and spacious truck courts.
“The business park will be a great home for small businesses given its position off First Coast Expressway, near bustling residential areas, community recreation facilities and retail locations,” added Franklin.
“Clay County Economic Development Corporation is excited to partner with Merritt Properties as they expand their offerings into Clay County. We are thankful for Merritt leading the way with well-designed, well-positioned facilities that can meet the operational needs of a variety of tenants,” said Crawford Powell, president of Clay County Economic Development. “We look forward to seeing this project support the continued growth in Clay County as it is completed.”
Construction is expected to begin by the end of the year. The first phase will consist of three buildings along Armstrong Way, just off the expressway.
“Newly constructed, Class A light industrial product is challenging to find within the market, which is why this speculative development will be a desirable addition to the local area and to our existing Jacksonville portfolio,” said Gary Swatko, director of development and construction at Merritt Properties. “The park’s location, size and design will uniquely accommodate the needs of small to mid-sized users and provide flexibility for future growth.”
The company’s first development in Jacksonville, Imeson Landing Business Park, is under construction with an expected November 2022 delivery. Once complete, this park will feature five flex/light industrial buildings totaling 266,200 square feet. Merritt also owns and manages Magnolia Park, a three-building, 80,863-square-foot flex/light industrial park in Duval County.
David Little of Watson Commercial Reality, Inc. represented Merritt and Arlene Leslie Mount of O’Connor Development Corporation represented the seller in the transaction.
To inquire about leasing options, visit www.Merritt-FL.com.