In the News | Saxum Real Estate positioning more than 800 acres for North Jacksonville business park

Article by: Karen Brune Mathis | Jax Daily Record | To view the full article, click here.

Saxum Real Estate appears to be working toward developing a North Jacksonville industrial park of 3.7 million square feet.

Saxum, based in Austin, Texas, paid almost $14.5 million on Dec. 9 for two parcels along Arnold Road from a Ponte Vedra Beach owner.

Property and deed records show Saxum bought more than 810 acres.

Saxum Principal Matthew Wassel said by email Jan. 24 the purchase was 816 gross acres.

Saxum Principal Matthew Wassel
Saxum Principal Matthew Wassel

Through Arnold Road PropCo LLC, Saxum bought the land from Laurens Street LLC, which state records show is led by Michael Braren.

“We closed on this land in December, and are working through our long term vision for the site, which will align with the in-place PUD Industrial Zoning,” said Wassel said.

“At this point, we are still working through our planning,” he said.

Saxum is an investment and development company.

Saxumre.com says Wassel oversees the firm’s leasing platform and directs marketing, tenant targeting and lease execution for Saxum’s portfolio. 

Arnold Road Propco was registered with the state Nov. 16. It is led by President Anthony Rinaldi, who is the founder and managing principal of Saxum.

The property is North of Jacksonville International Airport and west of Interstate 95.
The property is North of Jacksonville International Airport and west of Interstate 95.

Civil engineering firm England, Thims & Miller Inc. submitted a service availability request to city utility JEA on Jan. 16 for what is called Arnold Road Industrial Park.

The project description is about 3.7 million square feet of industrial park buildings.

The Arnold Road property is north of Jacksonville International Airport and west of Interstate 95.

Saxum currently is developing a freezer facility in North Jacksonville.

In August, City Council voted 17-0 to approve a property tax refund for Arcadia Cold Jacksonville LLC, which plans to lease and invest $86.5 million in a refrigerated distribution facility to be built in Imeson International Industrial Park.

Saxum Real Estate is an Arcadia affiliate.

Resolution 2022-0617 provides a five-year, 50% Recapture Enhanced Value Grant grant to Arcadia capped at $2 million. In exchange, the company says the facility would create 60 jobs at an average annual wage of $50,500 plus benefits by Dec. 31, 2027.

Property and deed records show Saxum bought more than 810 acres along Arnold Road west of Interstate 95.
Property and deed records show Saxum bought more than 810 acres along Arnold Road west of Interstate 95.

Saxum Real Estate applied for a building permit Aug. 5 to construct a 334,022-square-foot food storage/distribution freezer facility on 32.37 acres at 250 Busch Drive E., No. 1, in Imeson at a cost of $60.77 million. Primus Builders Inc. of Woodstock, Georgia, is the contractor.

The permit application says about a third of the facility will be a shell space for a future tenant, meaning two-thirds, or about 222,459 square feet, would be for an initial user.

Arcadia’s draft redevelopment agreement with the city says it will lease about 216,963 square feet of space.

To qualify for the incentives, Arcadia promised the city an $86.5 million capital investment. 

The city summary says the company will spend $84 million in real estate improvements and $2.5 million in machinery/equipment, furniture and fixtures over the next two years.

Saxumre.com says Saxum’s national portfolio and development pipeline includes industrial, multifamily, office, mixed-use and student housing assets.

It says its portfolio capitalizations surpass $2 billion and include more than 2.6 million square feet of ground-up cold storage development and 1,400 multifamily rental units. 

“Our development pipeline totals over $700 million in project capitalization across multifamily, student housing, cold storage and industrial asset classes ranging from value-add to ground-up development,” it says.