Indianapolis-based Scannell Properties will build its 85,000-square-foot speculative Southbound Distribution Center at 2700 Powers Ave. at a cost of $5.1 million.
Jim Cooper Construction Co. Inc. is the contractor. The city issued a permit Feb. 19 for the project, which is east of St. Augustine Road and west of Philips Highway in South Jacksonville.
Scannell Properties #458 LLC bought the vacant 7.8 acres Sept. 15 for almost $1.1 million from the Charles W. Bostwick Revocable Trust.
The building will target targets tenants needing from 10,000 to 40,000 square feet of space.
Cushman & Wakefield Senior Directors Jacob Horsley and Tyler Newman and Senior Associate Taylor Calfee represent Southbound. Horsley and Newman also are the brokers for Scannell’s Freebird Commerce Center in North Jacksonville.
Despite all odds, the industrial sector may have seen a record-setting year in 2020.
New York-based Blackstone Real Estate Investment Trust acquired a 59-building portfolio in April in a deal that may be the largest commercial real estate transaction ever in the Twin Cities.
Individual industrial transactions were topped by MetLife Investment Management’s $118.7 million purchase of the Amazon fulfillment center in Shakopee. This was one of the largest individual industrial sales over the past two years.
According to the most recent report from CBRE, Minneapolis’ industrial market transaction activity increased by 11% from the second to third quarter this year. Its vacancy rate was another positive signal to the market, holding steady at 4.6%.