John Blue Realty

Jetplex industrial space to grow

Wednesday, July 09, 2008

By MARIAN ACCARDI

Times Business Writer marian.accardi@htimes.com

92-acre site will double the park's warehouse space

A Connecticut developer's plans to build more than 2 million square feet of office and warehouse facilities in Jetplex Industrial Park South would double the park's warehouse/distribution space.

J.A. Green Development, based in Greenwich, Conn., said it will buy 92 acres in the park and soon begin building an air-cargo and distribution building of about 100,000 square feet. The 92-acre site will house about 1 million square feet of office/warehouse space eventually, according to the company.

Green also has the option to buy another 90 acres to develop more than 2 million square feet of space in all.

The deal to buy the first 30-acre parcel will close in 120 days, said Brooks Kracke, the industrial park's director. The purchase price is $45,000 an acre, or $1.35 million.

The project's first phase is expected to be completed early next year, Kracke said.

The industrial park is beside Huntsville International Airport.

Of the 5.4 million square feet of buildings in the industrial park, Kracke said, about 2 million square feet is for warehouse and distribution. The Green project "will put us at about 4.2 million square feet" of warehouse/distribution space.

The project would significantly expand the air-cargo and freight-forwarding operation at the Port of Huntsville, which includes the airport and industrial park, Executive Director Rick Tucker.

Green owns, develops and manages office/warehouse buildings near several U.S. airports, including John F. Kennedy International in New York, Dallas-Fort Worth International, Seattle-Tacoma International and Atlanta's Hartsfield-Jackson International Airport. It is a privately owned, family-operated business founded by Jack Green in 1941.

The Green project is among several industrial development plans for the airport area.

More than 300,000 square feet of speculative industrial development is expected to start this year in Jetplex Industrial Park, according to Jeff Wilke of Graham & Co.'s Huntsville office. Those include Triad Properties' second phase of Tradeport and Graham's second phase of Airport Distribution Center.

A 2008 Graham survey showed that the industrial market in the Huntsville area remained tight last year with vacancies at just over 5 percent.