News release

Jacksonville Class A cold storage development capitalized

JLL Capital Markets arranged the equity and construction financing for FLEXSPACE Ventures new state-of-the-art cold-storage warehouse near JAXPORT

November 04, 2021

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

MIAMI, Nov. 4, 2021 – JLL Capital Markets announced today that it has arranged joint venture development equity and construction financing for the build-to-suit development of FlexCold – Jacksonville, a 150,000-square-foot, state-of-the-art cold storage warehouse in Jacksonville, Florida.

JLL worked on behalf of the developer, FLEXSPACE Ventures, LLC, to arrange the development equity partnership with BentallGreenOak (BGO). Additionally, JLL placed the two-year, floating-rate construction loan for the project with Bank of America. 

Designed specifically to serve industries such as poultry, beef, seafood, and frozen consumer packaged goods, FlexCold is a new market entrant in the third-party food logistics industry, that will utilize the facility to meet a variety of needs, including convertible storage areas, USDA and FDA inspection rooms, blast-freezing capabilities and extensive import/export services. Opening summer 2022, the facility will have more than 25,000 pallet positions, 50-foot clear heights, and temperatures ranging from -10 to 35 degrees Fahrenheit. Other facility features include insulated metal-panel construction, high-density mobile racking system, ALTA refrigeration system and 28 refrigerated docks.

Situated on 12.06 acres at 11180 Blasius Rd., FlexCold – Jacksonville is strategically located approximately three miles from Jacksonville Port Authority (JAXPORT), which is one of the busiest seaports in the U.S. and provides direct connections to 140 ports in 70 countries around the world. The facility is also adjacent to Interstates 295 and I-95, providing easy access to both major U.S. east-west and north-south thoroughfares. Additionally, the property is proximate to 98 million consumers within a day’s drive. 

Two years ago, JLL formed a national cold storage platform that would benefit owners, users and capital in the highly fragmented asset class. According to JLL Research, nearly 80 percent of cold-storage buildings in the U.S. were constructed before 2000. Additionally, facilities located in primary coastal markets with access to ports and proximate to large population centers are the most sought after by investors. Emerging secondary markets with strong population growth and/or a robust agricultural economy are also gaining the attention of investors.

The JLL Industrial Equity Advisory team that represented the developer included Marc Duval, Dustin Volz and Wells Waller.

“This joint venture creates an experienced operating platform and a leading investment manager targeting cold storage development in key distribution nodes in the U.S.,” Duval said. “The partnership between Flexspace and BGO will be a dynamic relationship going forward and help solve the challenges of inefficient product and supply chain disturbances within the space.”

The JLL Debt Advisory team was led by Michael Klein, Melissa Rose and Wells Waller.

“Due to the best-in-class sponsorship in Flexspace and BGO and the ideal location with proximity to JAXPORT, we were able to build a strong market of lenders and had a seamless execution on the construction financing,” Klein said.

“Lenders are finally understanding the growing necessity for new cold storage developments focusing on the use of technology to create flexible and efficient temperature-controlled space.” Rose added.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory, or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.


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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About FLEXSPACE Ventures 

FLEXSPACE Ventures is the real estate investment and development arm of Flexspace, offering a highly experienced sponsorship team bringing decades of expertise in leadership and execution in real estate investment and development, building design and programming and food logistics and operations. Flexspace specializes in facilities that are critical to the production, packaging, storing and distribution of perishable foods throughout the global supply chain.  

About BentallGreenOak

BentallGreenOak is a leading, global real-estate investment management advisor and a globally recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life. For more information, please visit