First Gulf intends to buy approximately 53.87 acres of land and develop two buildings totaling 407,250 square feet in Westlake Industrial Park in Jacksonville, Florida.
“We are exporting our industrial development platform, and we’ve chosen Jacksonville to be our first market,” said Roman Brailovski, First Gulf vice president of strategic initiatives and operations .“We believe in the big-picture dynamics of the Florida market and anticipate that it will continue to underpin the growing demand for industrial real estate.”
Jacksonville stands out along the Southeast U.S. coast “because it has a compelling microeconomic narrative of population and labor market growth, transportation, and the commitment of local authorities to grow the port, as well as the positive reputation of the general business environment.”
First Gulf plans to develop two Class A industrial buildings that can be multi-tenant or single occupiers, based on demand. The proposed site plan shows Building 1 at 299,520 square feet and Building 2 at 107,730 square feet.
First Gulf plans to start construction by the first quarter of 2024 for completion in the third quarter of 2024.
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