Atlanta-based Republic Property Co. is working with the local office of CB Richard Ellis to lease the new space, marketing to tenants as small as 20,000 square feet or those that can take the entire class A building. Terry Quarterman, first vice president, and Jeff Nelson, senior associate, with CBRE will handle the property's marketing.
Mark Dishaw, Republic Property chief operating officer, says his company believes Crossroads is well positioned to tap the growth potential of the Jacksonville market as the economy improves later this year. "Its proximity to I-295 and the intermodal yard will give its tenants the versatility to use the port, rail and highways to distribute their goods to the Southeast and abroad," he says.
Industrial vacancy in the Jacksonville market appears to have stabilized at 12% through the fourth quarter of 2009, according to market research by Cushman & Wakefield. Net absorption finished the year on a positive note, at just over 5,700 square feet.
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