Birmingham, Alabama-based Graham & Co. announced Aug. 24 it bought 21 acres at West 12th Street and Edgewood Avenue in Northwest Jacksonville to develop a two-building, 250,800-square-foot warehouse and distribution center.
Graham & Co. plans to break ground in early 2023 on the “W. 12th/Edgewood Logistics Center.”
Completion is scheduled in late 2023.
Civil engineering plans filed with the city show two buildings of 154,800 and 96,000 square feet at northeast Edgewood Avenue and West 12th Street.
The development is a joint venture between Birmingham-based Graham Capital and a Jacksonville-based investor group led by Sam Easton.
Graham & Co. said the acquisition is its third transaction in the Westside market since 2021.
“Jacksonville’s market fundamentals remain solid. We have had success in the Jacksonville market since the early 2000’s and believe this site has tremendous potential as an in-fill location,” said Graham & Co. Vice President Matthew Graham in the release.
“Despite the challenges facing new construction today, we are encouraged by the market’s ability to absorb space, particularly in the size range and quality we offer.”
Industrial vacancy rates in Jacksonville ranged from 3.1% to 3.5% as of June 30, real estate market reports show.
Graham & Co. said the site acquisition was initiated by Foundry Commercial Senior Vice President Mark Scott, who will be part of the team marketing the property for lease with Foundry Senior Vice President Andrew Hawkins and brokerage associate John Cole.
Scott said in the release that W.12th/Edgewood Logistics Center is a Class A project with a 32-foot clear height and ESFR (Early Suppression, Fast Response) sprinklers within a concrete tilt wall structure, which are industry factors for tenants and users seeking distribution center space.
He said the buildings are suited for tenants from 25,000 square feet to the full building.
The Conlan Co. and Randall-Paulson Architects will serve as the project’s design/build team, according to the release.
England-Thims & Miller is the civil engineer. SouthState Bank is financing the deal.
The owner is listed on the city plans as JAX Edgewood Partners, based at Graham & Co. in Birmingham.
State corporate records show JAX Edgewood Partners is led by Matthew W. Graham, A. Taylor W. Graham and Henry C. Graham II, all in Birmingham. The name was registered with the state May 9, 2022.
Easton, through OceanSwim LLC, conveyed the property to JAX Edgewood Partners on July 26 for $2 million, according a deed recorded July 27 with the Duval County Clerk of Courts.
Graham & Co., founded in 1978, is a full-service commercial real estate firm with Alabama offices in Birmingham and Huntsville and a Florida office in Panama City.
It offers investment sales, leasing, property management and development services.
Graham & Co. has been involved in the development and management of industrial properties, office buildings, office and service centers, and office rehabilitation projects throughout the Southeast.
Over the past 20 years, it has delivered more than 10 million square feet of build-to-suit and speculative industrial and office projects.
Graham Capital is a real estate investment company focused on the acquisition and development of distribution centers in high-growth Southeastern industrial markets.