Brookfield Properties Invests $12.7M in North Jacksonville Warehouse Development at Alta Lakes II Commerce Center

Brookfield Properties is moving forward with a nearly 200,000-square-foot speculative warehouse in North Jacksonville, Florida, after the city issued a building permit May 19 for the shell structure at 11096 Cabot Commerce Center Circle. The industrial real estate development, known as Alta Lakes II Commerce Center, carries a project cost of approximately $12.7 million and marks the latest phase of development activity within the Alta Lakes business park east of Interstate 295.

Project Details and Development Team

The permitted shell warehouse spans 199,260 square feet on 11.9 acres, situated north of Cabot Commerce Circle and west of Blasius Road in the business park at the southwest corner of Faye and Blasius roads. ARCO Design/Build of Jacksonville is serving as the general contractor, while Ware Malcomb, a commercial real estate design firm based in Irvine, California, is the agent. England, Thims & Miller Inc. of Jacksonville is the civil engineer, and Peacock Consulting Group LLC of Jacksonville is the environmental consultant.

Brookfield is developing the project through its entity G&I IX Alta Lakes Land LLC, which is based in Atlanta. The firm is headquartered in New York and also has offices in Atlanta.

Colliers Executive Vice President Guy Preston and Senior Associate Seda Preston are handling marketing and leasing for the project. Guy Preston is an industrial specialist with the SIOR designation who has closed transactions exceeding $400 million and 10 million square feet. Seda Preston currently represents 3.2 million square feet of agency industrial distribution product in Jacksonville and has closed more than $200 million in sales transactions and 2.5 million square feet in leasing transactions.

Entitlement Timeline

The project has been in process for nearly two years, moving through a series of regulatory milestones before the building permit was issued. City utility JEA issued a service availability determination letter on July 18, 2024, for the proposed warehouse, which was then called Cabot Commerce Center. On November 1, 2024, the city issued a mobility fee calculation certificate for the project — referenced at that stage as Brookfield Commerce — calculating a mobility fee of $87,189 to mitigate the development's traffic impact across 15.4 acres.

The St. Johns River Water Management District issued a permit on December 27, 2024, to G&I IX Alta Lakes Land LLC for the construction and operation of a stormwater management system for an 11.68-acre portion of the site, also under the Alta Lakes II Commerce Center name. The master site plan associated with that stormwater permit reflected the same 199,260-square-foot warehouse footprint.

Land History

The site represents land that Brookfield retained following a portfolio transaction in summer 2024. On August 15, 2024, industrial real estate asset manager Faropoint, through its entity FIVF-III-FL5 LP of New Jersey, acquired five industrial properties within Alta Lakes Commerce Center from Brookfield for a combined $63 million. That portfolio comprised four completed buildings constructed in 2008 and one storage lot. Brookfield retained the remaining parcel, which is now being developed as Alta Lakes II Commerce Center.

Sources

Colliers – Brookfield Properties Investing $12.7M into North Jacksonville Warehouse Development
Original reporting by Karen Brune Mathis, Jax Daily Record.