Oakmont Nabs Development Rights for Jacksonville Industrial Project
- Apr 23, 2008
Schafer Development has sold the development rights to its New Berlin Commerce Park in Jacksonville, Fla., to Oakmont Real Estate. Oakmont, based in Georgia, plans to construct a 386,000-square-foot LEED approved facility, scheduled for completion in 2008, on the 75-acre parcel. The New Berlin Commerce Park parcel was assembled by Schafer Development and will provide an additional 1 million square feet of industrial office space to meet increasing demand in the region. Schafer acquired four separate tracts of land and spearheaded rezoning for each parcel from residential to industrial. New Berlin marks Schafer’s second large-scale industrial development in Florida, having already completed major deals in Tampa and Lakeland. Most recent is the Main Street Commerce Park in Jacksonville–an 810,000 square foot industrial, distribution and business park, which will serve the JAXPORT seaport. In total, Schafer has been responsible for developing more than 3 million square feet of Florida property in the past few years. Also in Jacksonville, the CSX Corp. announced plans to invest $40 million in rail infrastructure. Construction on a new $220 million container terminal for Japanese shipping giant Mitsui O.S.K. Lines will be completed later this year, and contract talks are nearly finished on another new terminal for the Korean shipping firm Hanjin, a facility that could open in 2011. Over the next 10 years, it is estimated that port-related development will bring an additional 25,000 to 50,000 jobs to the city.