CT Realty, in joint venture with Diamond Realty Investments, announces the acquisition of 250 acres of industrial land for the development of an eight-building, 3.2 million-square-foot, state-of-the-art logistics park in Jacksonville, FL. The project further extends CT Realty’s presence in the Southeast U.S. as the company breaks ground on 10 million square feet of logistics projects in 2021.
“This is an outstanding opportunity to create a first-class industrial park capable of accommodating the largest users in the Southeast, and we’re thrilled to embark on a long-term, multi-year commitment to the region,” said Rob Huthnance, who oversees all of CT’s developments in the Eastern U.S.
The first phase of the project is already underway, with 1.7 million square feet in three buildings, representing the largest spec development in Jacksonville and including one of only two spec million-square-foot buildings in development statewide. CT is bullish on Jacksonville’s established logistics transportation infrastructure, proximity to a significant and growing regional consumer base and the strength of the labor pool in Jacksonville, all key factors in serving the needs of area logisticians, distribution companies and e-commerce users.
The area’s robust logistics transportation infrastructure is anchored by the Jacksonville Port Authority (JAXPORT), which handles the highest container volume of the four ports serving Florida. JAXPORT is in the midst of a major dredging project that upon completion in 2022 will create the deepest port on the East Coast, capable of serving high-capacity New Panamax container ships.
“The combination of the project’s proximity to the most active port complex in Florida coupled with the ability to reach 61 million consumers in a day’s truck drive creates a compelling opportunity for companies in the logistical supply chain,” said Huthnance. “Add in the nearby CSX and Norfolk Southern intermodal railyards and the air cargo facilities at Jacksonville International Airport and the project is poised to meet any goods transit need.”
The project will be located in Northwest Jacksonville on Pritchard Road, approximately three and one-half miles west of I-295. The site is adjacent to Southeast Toyota Distributors, the world’s largest independent Toyota distributor and the seller in the land transaction.
Guy and Seda Preston of Colliers International represented both Southeast Toyota Distributors and CT in the transaction, the terms of which are undisclosed.
Since its establishment in 1994, Newport Beach, Calif.-based CT Realty has completed over 300 transactions valued at more than $4.7 billion. CT is focused on the acquisition and development of Class A industrial logistics properties throughout the U.S., having acquired 2,400 acres of industrial land since 2010 that will support 32 million square feet of buildings upon completion. CT has active developments in California, Dallas/Ft. Worth, Atlanta, Florida, Illinois, Indianapolis, Columbus, OH, and New Jersey, and continues to expand into new markets nationwide. Visit ctrinvestors.com.https://ctrinvestors.com/