Case Study

OAKMONT INDUSTRIAL GROUP & SCHAFER DEVELOPMENT COMPANY

        

The challenge

Assemble four adjacent parcels near the JaxPort Marine Terminal for a land developer, Schafer Development and obtain all permits and approvals, prior to resale to a third party developer. The assemblage of four parcels, along with the simultaneous closing transaction framework, increased the complexity of the deal. Each of the four different land owners needed to agree to the same due diligence and closing period time frames, while satisfying each of their different family and company objectives and concerns on how a simultaneous closing of the sale would work for them individually.

The strategy

To rezone, entitle, and engineer a viable Industrial Development Site, overcome DOT obstacles and successfully sell the assemblage to an Industrial developer who in turn developed a speculative 872,672 SF cross dock distribution center.

The services

Provided market knowledge, JaxPort executive relationships, while teaming with the Colliers Atlanta office, who provided the Oakmont relationship.

The results

The deal won the 2008 NAIOP Land Sale of the Year, Northeast Florida Chapter. The Northpoint Logistics center is the largest speculative cross dock distribution center built in Jacksonville to date. The development of the warehouse created badly needed construction jobs and anticipated employment is estimated to reach 220 jobs, with a high percentage of jobs receiving pay of $45,000 or more per year. The economic impact of this facility is expected to have a positive impact on Jacksonville for many years into the future.

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