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Midwest Industrial Funds plans speculative warehouse

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The 384,000-square-foot facility is along Pritchard Road in West Jacksonville

Midwest Industrial Funds is investing in the Jacksonville market with plans for a speculative building in Westlake Industrial Park.

It plans to buy 30.2 acres in the West Jacksonville industrial park and develop a speculative 384,000-square-foot warehouse.

The site is along Pritchard Road.

The property is in two parcels. Norfolk Southern Corp. owns 20.7 acres and a private owner has almost 9.5 acres.

Matt Hubert, senior vice president of development, said Jan. 3 the property closing is expected in the second half of 2023 and construction will begin late in the year.

“The project will be built on spec with no tenants (in order) to capitalize on the strong tenant demand in Jacksonville,” Hubert said.

Civil engineer England, Thims & Miller Inc. applied to the JEA for a service availability determination.

Hubert said Colliers Senior Vice President Guy Preston and Colliers Associate Seda Preston will be the project’s listing agents.

He said the budget has not been determined for the project.

Midwest Industrial Funds is based outside of Chicago. It says it has developed or acquired almost 100 industrial real estate assets since its start in 2003.

Hubert joined in spring 2022 as senior vice president of development.

He said his goal is to expand investments across the country with a focus on the Southeast.

“Specifically Jacksonville,” Hubert said by email, “where I have been active in the industrial market for several years.”

Hubert spent eight years with Becknell Industrial as senior vice president of development, where he and his team “identified and closed over one billion dollars of speculative industrial and build-to-suit projects in 10 different states,” Midwest Industrial said.

During Hubert’s tenure at Becknell, the firm bought more than 200 acres in Jacksonville and developed several properties, primarily at Westlake.

 

Source: Jax Daily Record


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Guy Preston

Senior Vice President

Jacksonville

As an Industrial Specialist, Guy’s role is to provide his clients with expert and comprehensive advice in Industrial Sales and Leasing; Land Sales; Industrial Investment Sales; Port Site Sales and Leasing; Site Selection and E-commerce Distribution and Fulfillment Center Occupier Services.

One of his outstanding strengths is the ability to problem-solve to propel even the most complicated deals to the finish line.

He is a member of the Colliers International Logistics and Transportation Solutions Group, a practice group dedicated to delivering focused industrial real estate advisory services to better address the global economy. Guy has earned the SIOR Designation. SIOR is a society comprised of the most capable and experienced practitioners, delivering best in class service to clients.

Guy has closed transactions over $400M and in excess of 10M SF, as well as thousands of acres of land.

After graduating from Troy University with an Accounting Degree, Guy completed a four-year tour as a Missile Launch Officer in the United States Air Force. He then began his career in commercial real estate, where he continually strives to provide client centric service.

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Seda Preston

Associate

Jacksonville

Seda began her career as an Industrial Specialist in 2016 and has amassed an accomplished list of clients and transactions. Her expertise is in leasing and sales of industrial assets, with particular focus on Agency and Tenant representation.

Utilizing her advisory skills and strengths in persistence and organization, Seda has closed leasing transactions of over 2.5M SF and sales transactions of over $200M. She is currently representing 3.2M SF of Agency industrial distribution product in Jacksonville.

 

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