industrial market survey | jacksonville rates fell by almost one-third vs. 2009 (18.5 % vs. 12.4 %),...
Post on 08-Jun-2018
217 Views
Preview:
TRANSCRIPT
J A C K S O N V I L L E REAL ESTATE MARKET OVERVIEW
[ MARKET TOTALS ]
A generally positive trend in 2010 indicators points to a slow, varying recovery for the Jacksonville Metropolitan
Area (MSA) industrial sector. Vacancy rates fell by almost one-third vs. 2009 (18.5 % vs. 12.4 %), while overall
absorption stabilized after a dismal 2009, showing clear signs of increased business activity and expansion.
2010
Overall Market
S I G N I F I C A N T 2 0 1 0 L E A S E S
PROJECT NAME LOCATION SIZE TENANT SUBMARKET
WESTLAKE/N . S . PRITCHARD ROAD 240,000 SF PENSER SC WESTSIDE
FORMER WINN-DIXIE WAREHOUSE COMMONWEALTH AVE 553,151 SF FOOTBALL FANATICS WESTSIDE
WESTSIDE INDUSTRIAL PARK BULLS BAY HIGHWAY 250,000 SF FALKEN TIRES WESTSIDE
NORTHPOINT INDUSTRIAL PARK PORT JACKSONVILLE PARKWAY 96,000 SF APR ENERGY NORTHSIDE
NORTHPOINT INDUSTRIAL PARK PORT JACKSONVILLE PARKWAY 70,020 SF CROWLEY NORTHSIDE
S I G N I F I C A N T 2 0 1 0 S A L E S
BUILDING BUYER SIZE PURCHASE PRICE SUBMARKET
600 WHITTAKER ROAD USA A REAL ESTATE CO. 474 , 579 SF $18 ,900,000 NORTHSIDE
3660 DEERPARK BLVDCB RICHARD
ELLIS INVESTORS347,144 SF $15 ,750,000
ST. JOHNS COUNT Y
6830 HIGHWAY AVEAND 6831 STUART AVE
PAUL AND ELEANOR SADE
REVOCABLE TRUST245 ,174 SF $10,650,000 WESTSIDE
3050 MELSON AVEINSTEEL WIRE
PRODUCTS COMPANY157,156 SF $2,7 1 1 , 268 WESTSIDE
8831 MONCRIEF-DINSMORE ROAD
CONGLOBAL INDUSTRIES 63,082 SF $4,000,000 WESTSIDE
Peter Crolius, SIOR904.281.0003peterc@grahamcompany.com
550 Water StreetSuite 1225Jacksonville, FL 32202
S I G N I F I C A N T 2 0 1 0 C O N S T R U C T I O N A C T I V I T Y
BUILDING COMPLETION DATE SIZE TENANT SUBMARKET
11001 PRITCHARD ROAD AUGUST 2010 240,000 SF PENSER SC WESTSIDE
S I G N I F I C A N T 2 0 1 0 P R O J E C T S U N D E R C O N S T R U C T I O N / R E N O VAT I O N
BUILDING COMPLETION DATE SIZE TENANT SUBMARKET
WESTSIDE INDUSTRIAL PARK/ FALKEN TIRE BLDG MARCH 2011 250,000 SF FALKEN TIRE WESTSIDE
Information deemed reliable, but not guaranteed.
2
Y E A R E N D 2 0 0 9
TOTAL INVENTORY SF 92 MILLION
VACANCY RATE 18.5%
ABSORPTION (Y-T-D) (2,100,000)
COMPLETED CONSTRUCTION 2,900,000 SF*
* Excludes Build-To-Suits
Y E A R E N D 2 0 1 0
TOTAL INVENTORY SF 92.3 MILLION
VACANCY RATE 12.4%
ABSORPTION (Y-T-D) (34,844)
COMPLETED CONSTRUCTION 268,000 SF
M A J O R L A N D P R O J E C T S1 2 3 4 5 6 7
Land Development/Location
Lem Turner Industrial Park/Lem
Turner Road
Woodwings West/Pecan Park Road @
I-295
Woodwings East/Duval Road @ I-295
Jacksonville North Commerce Park/
NW Quad of I-95 and Pecan Park Road
Jacksonville Interstate Commerce Park/I-95 @ Pecan
Park Road
Pecan Park Distribution Center/
US 17/Pecan Park Road @ I-95
New Berlin Distribution Center
OwnershipNorth JAX
Investment Group, LLC
Jacksonville Aviation Authority (JAA)
Jacksonville Aviation Authority (JAA)
Pecan Park Road Investments, LLC
Benderson Development
Schafer Development Logan Holtz, et. al.
Submarket Northside Northside Northside Northside Northside Northside Northside
Industrial Land Area 500 Acres890 Acres
Mixed-Use/327 Light Industrial
328 Acres Mixed-Use /
300 Light Industrial93 Acres 319 (Ind.) 117 Acres 160 Acres
Total Planned Development (SQ FT)
4.8M SQ FT 3.5M SQ FT 3.5M SQ FT 1M SQ FT 4.6M SQ FT 1.3M SQ FT 2.5M SQ FT
Entitlements
IL Zoning with Fair-Share Agreement and Concurrency In-Place w/City of
Jacksonville
Part of JIA DRI Part of JIA DRI
PUD with Fair-Share Agreement In-Place
w/City of Jacksonville
Zoning/Concurrency In-Place
Zoning/Concurrency In-Place
Fully-entitled w/concurrency
Existing Buildings 0 0 0 0 0 0 0
Rail Service N/A N/A N/A N/A CSX N/A N/A
Planned 2011 Development
None None None None None None None
CommentsUtilities located
1200 feet from the property
Master Plan includes 150 acre golf course
Under J.V. contract with Majestic Development
Site has additional 22 acres for retail/
commercial use
Ownership will sell land or B-T-S
Ownership will sell land or B-T-S
Owners will sell lots, B-T-S, some
speculative development
8 9 10 11 12 13 14
Land Development/Location
Port Jax Trade Center/S@-9A and
Alta Drive
Port Authority Center/3515
Heckscher Drive
Cecil Commerce Center/Cecil
Commerce Center Parkway
Westlake Industrial Park/Pritchard Road
ProLogis/ Pritchard Road
Majestic @ Westlake/ Pritchard Road
Liberty Property Trust @ Imeson Road and Moncrief Road
OwnershipGroup IV
DevelopmentPLANET Five/AllFr8
Logistics, Inc.
Jointly Owned and Administered by
JEDC (11,000 Acres) and JAA (6,000
Acres)
Norfolk Southern Railroad
PrologisMajestic
DevelopmentLiberty Property
Trust
Submarket Northside Northside Westside Westside Westside Westside Westside
Industrial Land Area 31 Acres 26 Acres
17,000 of which 4,000 is commercially developable
1,500 Acres (300 ind.)
95 Acres 14 Acres 118 Acres
Total Planned Development (SQ FT)
475,000 SQ FT 250,000 SQ FT SAFT America: 143,000 SQ FT
(2010)2.17M SQ FT 1,598,875 SQ FT 183,500 SQ FT
1M SQ FT among 6 bldgs 126,000
-166,000
EntitlementsFully-entitled and
Pad-readyN/A DRI Westlake DRI Part of Westlake DRI Westlake DRI
Fully-entitled w/concurrency
Existing Buildings
82,000 fully-occupied B-T-S with W & O, 82,000 spec
warehouse with 57,000 sq ft vacant.
0
Over 30 tenants, including
Bridgestone Tire's recently-completed 1M sq ft warehouse
on 63.3 acres
Unilever (772,200 SQ FT); ING (400,000 SQ FT); Johnson
Development (546,000 SQ FT); BJ's Warehouse
(460,972 SQ FT); JM Family (283,000 SQ
FT); Penser (250,000 SQ FT)
0 0 0
Rail Service N/A CSX CSXNorfolk Southern
RailroadN/A N/A N/A
Planned 2011 Development
70,300 SQ FT 0 0 None None None None
Comments
Owner has up to 6 designed and permit-ready building plans
for end-users.
Planned development
includes a hotel and small-pad retail
North 4,500 Acres Under Master
Developer contract with Hillwood
Investment Properties
Norfolk Southern sells land only; no
vertical development
Phases 1 and 2 include 2-486,400 SQ FT cross-dock
warehouses
2 Buildings Planned: 100,700 SQ FT and
82,500 SQ FT
Flexible development plan includes both large cross-dock
and service-center buildings.
3
M A J O R I N D U S T R I A L P R O J E C T S1 2 3 4 5 6 7 8 9
Project Name/Location
Majestic International Tradeport/
Airport Road and Tradeport
Road
Creekside @ Tradeport/
Alvarez Road
Tradeport Business Park/ Airport Road
and Duval Road
Imeson International
Industrial Park/Heckscher Drive and North Main
Street
Northpoint Industrial Park/ New Berlin and
Faye Roads
Northport Logistics
Center/11530 New Berlin Road
Alta Lakes Commerce
Center/Blasius and Faye Roads
Westlake Industrial Park/ Pritchard Road
Westside Industrial Park/ Pritchard Road West of I-295
OwnershipMajestic
DevelopmentJackson-Shaw
Flagler Development
Webb International
Pattillo Development
OakmontCabot
Properties, Inc.Johnson
DevelopmentPattillo
Development
Submarket Northside Northside Northside Northside Northside Northside Northside Westside Westside
Land Area 47 Acres 26 Acres 93 Acres1,500 Acres. 505 industrial acres
for sale300 Acres 58 Acres 66 Acres 182 Acres 960 Acres
Existing Developer-Owned Inventory
318,000 SQ FT Building and
520,000 SQ FT Building
334,930 among 3 Buildings
1,329,800 among 16
Buildings950,000
672,438 among 6 Bldgs
872,627 1 Building
570,240 among 4 Buildings
546,000 1 Building
4,490,000
Total Availability (SQ FT)
120,360240,605 in 2 bldgs: 94,325 and 146,280
151,834 among 4 Buildings
280,000390,200 among
4 Buildings872,627 518,243 0
895,000 among 13 Buildings
Current Vacancy
14% 72% 11% 29% 58% 100% 91% 0% 20%
Largest Contiguous (SQ FT)
120,360 146,280 73,234 280,000 186,650 872,627 192,248 0 168,000
Planned for Delivery Within 12 Months
0 0 0 0 0 0 0 0 0
Quoted Rates (PSF)
$4.25 $4.75 $4.25 NNN$3.25 - $4.50
NNN$3.00 - $5.00
NNN$4.25 $4.75
$3.00 - $4.00 NNN
$3.00 - $4.25 NNN
Clear Height 32’ 28’ 24’ - 30’ 23’ - 30’ 30’ 32’ 28’ 32’ 24’ - 30’
Truck Court 140’ 115’ 115’ - 150’ 130’ 180’ 135’ - 145’ 120’ - 185’ 150’ 150’ - 180’
Potential Additional Developable Building Area
0 0Approximately 350,000 SQ FT
Up to 18M SQ FT 2.65M SQ FT 0 300,000 SQ FT221,000 SQ FT
(1 building planned)
Approximately 5M SQ FT
Rail Service N/A N/A N/A CSX N/A N/A N/A N/A N/A
10 11 12 13 14 15 16 17 18
Project Name/Location
Perimeter West Industrial
Park/ I-295 and Pritchard Road
Crossroads Distribution
Center/6600 Pritchard Road
Westside Dist. Center/ N. Ellis Road
Bowden Commerce
Center/ Salisbury Road
Center Point/U.S. 1
Salisbury Business Park/7251
Salisbury Road
Interstate Distribution Center/8475 Western Way
Lakepointe Business Park/Western Way
First Coast Distribution
Center/SR 207 at I-95 St. Johns
County
Ownership ING ClarionRepublic
DevelopmentEastgroup
Properties, Inc.Sealy &
CompanyLiberty Property
TrustLiberty Property
TrustEastgroup
Properties, Inc.EastGroup
Fountain Partners
Submarket Westside Westside Westside Southside Southside Southside Southside Southside Southside
Land Area 75 Acres 129 Acres 18 Acres 55 Acres 71 Acres 25 Acres 11 Acres 29 Acres 80 Acres
Existing Developer-Owned Inventory
260,000 Existing
Volkswagen B-T-S
126,056 (Building #2)
425,240 3 Buildings
leased
105,420/ 2 Buildings
614,000 among 13 Buildings
127,120/ 2 Buildings
181,120/ 2 Buildings
375,125 among 9 Buildings
203,000
Total Availability (SQ FT)
0 126,056 0 38,500161,100 among 8
Buildings34,222 0 103,557 48,000
Current Vacancy
0% 0% 0% 37% 26% 27% 0% 28% 24%
Largest Contiguous (SQ FT)
N/A 126,056 0 38,500 42,000 19,490 N/A 78,425 48,000
Planned for Delivery Within 12 Months
174,460 0 0 0 0 0 0 0 0
Quoted Rates (PSF)
$5.25 $4.75 $3.00 $6.50 $4.00 - $7.00 $5.50 - $6.50 $4.50 $3.25 - $6.50 $4.50
Clear Height 30’ 30’ 32’ - 36’ 24’ 20’ 22’ 24’ 16’ - 22’ 32’
Truck Court 110’ - 115’ 100’ 125’ 150’ 100’ - 120’ 130’ 110’ 100’ 130’
Potential Additional Developable Building Area
Cross-Dock Design 139,400
and 195,000 planned 2 add’l
bldgs
550,000 SQ FT, 3 Additional
Buildings Planned Ranging from 100,000 - 300,000 SQ FT
0
Additional 7.5 acres available. Up to 85,000
additional sq ft. Part of a total 490,000 sq ft mixed-use development.
0
179,000 SQ FT consisting of 2 Buildings:
91,000 and 68,000 SQ FT
0 0 800,000
Rail Service N/A N/A CSX N/A N/A N/A N/A N/A N/A
4
N O R T H S I D EJ A C K S O N V I L L E , F L O R I D A
— M a j o r I n d u s t r i a l P r o j e c t s
— M a j o r L a n d P r o j e c t s
N O T E : N u m b e r s c o r r e s p o n d w i t h
c h a r t s o n P a g e 3 a n d P a g e 4
5
JACKSONVILLE INTERNATIONAL AIRPORT
1
1
2
3
4
5 6
7
8
9
3
4
5
6
7
2
DOWNTOWNJACKSONVILLE
5 MILES
W E S T S I D EJ A C K S O N V I L L E , F L O R I D A
— M a j o r I n d u s t r i a l P r o j e c t s
— M a j o r L a n d P r o j e c t s
9 10
11
12
12
13
14
11
10
8
N O T E : N u m b e r s c o r r e s p o n d w i t h
c h a r t s o n P a g e 3 a n d P a g e 4
6
DOWNTOWNJACKSONVILLE
4 MILES
S O U T H S I D EJ A C K S O N V I L L E , F L O R I D A
— M a j o r I n d u s t r i a l P r o j e c t s
13
14
15
16
17
18
N O T E : N u m b e r s c o r r e s p o n d
w i t h c h a r t o n P a g e 4
7
DOWNTOWNJACKSONVILLE
FOUNDING PRINCIPALS
Steve Graham, MAI, CRE
Mike Graham, CPM, SIOR
MANAGING PARTNER
Gardner Lee, CPM, SIOR
BUILDING ENGINEER
Richard Abel
MANAGING BROKER
Peter Crolius, SIOR
PROPERTY MANAGEMENT
Ron Kirkland, RPA, FMA
GRAHAM & COMPANY PERSONNEL – JACKSONVILLE
110 Office Park Drive
Suite 200
Birmingham, AL 35223
TEL 205.871.7100
FAX 205.871.3331
| B I R M I N G H A M
grahamcompany.com
200 Westside Square
Suite 800
Huntsville, AL 35801
TEL 256.382.9010
FAX 256.382.9011
| H U N T S V I L L E
550 Water Street
Suite 1225
Jacksonville, FL 32202
TEL 904.281.0003
FAX 904.281.0849
| J A C K S O N V I L L E
120 Richard Jackson Boulevard
Suite 210
Panama City Beach, FL 32407
TEL 850.563.1500
FAX 850.563.1504
| G U L F C O A S T
MEASURE US BY OUR ACTIONS
A B O U T G R A H A M & C O M P A N Y
Founded in 1978, Graham & Company is a full-service commercial real estate firm based in Birmingham.
With offices in Birmingham and Huntsville, Alabama and Jacksonville and Orlando, Florida, the
company offers professional services including sales, leasing, property management, appraisal,
consulting, investment and development. In response to client demand, Graham has systematically
extended its range of services and geographic reach, now serving clients throughout Alabama and
several surrounding states.
A F F I L I AT I O N S
NAIOP–National Association of Industrial & Office Properties
SIOR–Society of Industrial & Office Realtors
ICSC–International Council of Shopping Centers
CCIM–Certified Commercial Investment Member
LEED–Leadership in Energy and Environmental Design
CRE–Counselors of Real Estate
IREM–Institute of Real Estate Management
BOMA–Building Owners and Managers Association
ULI–Urban Land Institute
top related