Executive Summary


Colliers has been engaged by Midwest Industrial Funds to arrange joint venture equity for the development of Westlake Site 3. The Project will consist of  two rear-load facilities and will total 529,780 SF when finished.  Best-in-class design features will be incorporated throughout the project, including concrete tilt-wall construction, two curb cuts, off-dock trailer storage and ample auto parking. 


Joint Venture Request

Sponsor is seeking a 95/5 limited partner (“LP Investor”). The total equity commitment from the LP Investor will be $26.01M on a $27.38M total equity requirement.

Project Name: Westlake Site 3
Location: Jacksonville, FL
Total Size: 529,780± SF
Total Acreage: 40.49± Acres
Site Area/FAR: 1,763,744± SF / 30.0%
# of Buildings: 2
Building 1 Size: 337,000± SF
Building 2 Size: 192,780± SF
Configuration: Rear-Load
Total Project Cost: $60,437,474 ($114.08)
Untrended Yield on Cost: 7.14%
Trended Yield on Cost: 7.85%


Project Location

Investment Highlights

The Project

  • 7.14% non-trended YOC supported by multiple lease comps provides capital the opportunity to capitalize the project at over 150 bps above stabilized cap rates.
  • At sub 2.3% vacancy, Jacksonville rents have grown at double digit rent growth for the trailing three calendar years with no slow down in sight. 
  • Diversity within the site plan, due to varied building depths, allows for an asset management strategy targeting tenants from 60,000 SF up to 529,780 SF
  • The Project’s location within Westlake Industrial Park is closer to I-295 providing quicker turns and lesser transportation costs than other new developments in Westlake.
  • Currently Jacksonville has over 12MSF of tenant demand in the Market (“Tenants in the Market”) with significantly less supply than that in the pipeline.  
  • With only 4.5MSF available today or planned to break ground in the near term (of which 1MSF has leases out for signature), demand is outpacing available supply at a factor of 3:1.  Moreover,  61% of the supply pipeline is deeper than 260’ deep resulting in lesser competition for a multi-tenant asset management strategy.

The Location

  • Excellent access to I-95, I-295, I-10 and US-1. The Project also has 3 Railroads, 4 deep-water marine terminals and an international airport all within a 30 minute drive
  • Located in the heart of the Southeast U.S., JAXPORT is Florida’s No. 1 container port by volume and one of the nation’s top vehicle-handling ports.
  • Jacksonville offers a 47-foot deep-water shipping channel, two-way ship traffic with no berth or terminal congestion, and same-day access to 98 million U.S. consumers.
  • With Foreign Trade Zone No. 64, several major intermodal services, outstanding highway, and rail connections, Jacksonville offers a combination simply unmatched in the Southeastern United States.
  • Jacksonville offers one of the most business-friendly environments in the country. Saving users and their employees money with no state or local personal income tax and no inventory tax.


Southeast Capital Markets Advisors

Ryan Vaught
Executive Vice President
+1 256 656 7215

James Ullrich
Executive Vice President
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Michael Macchia
Senior Associate
+1 631 626 5377

Riley Vaught
Capital Markets Analyst
+1 248 214 8853

Debt & Structured Finance Advisors

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Donald Jennewein
Executive Vice President
+1 813 205 3580

Local Market Advisors

Guy Preston
Senior Vice President
+1 904 591 0800

Seda Preston
+1 904 358 1206

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