Onicx Group and Aries Capital Close on Project Land for $4.15 Million; Projected Groundbreaking of Phase I in January 2023

Onicx Group, a Tampa-based private real estate firm, is pleased to announce it and Aries Capital’s joint venture in the acquisition of 83 acres of industrial land in Edgewater, Florida, where they will develop the Space Coast Industrial Park at Parktowne. Onicx Group and Aries Capital, which both have offices in Miami, FL, closed on the land for $4.15 million on July 1, 2022.

The 1 million-square-foot Class A warehouse facility will cater to the underserved demand for industrial facilities in Volusia County, driven by the robust growth of the space vehicle launch industry along Florida’s Space Coast.

Phase I consists of two buildings totaling 309,500 square feet. Building 1, which is 133,500 square feet, is slated to break ground in Q1 2023 with Building 2, consisting of 176,000 square feet, to follow thereafter. Anticipated completion of Phase I is Q1 2025.

Both buildings will use tilt-wall panel construction. Building specs include:

Building 1
• 24’ clear height
• 60’ deep speed bay, 48’ wide x 45’ deep typical column spacing
• High-bay LED lighting with motion sensors
• 60 mil TPO roof membrane
• ESFR sprinkler system
• (49) 14’ x 16’ drive-in doors
• 215 car parking spaces
• 1,600 amp, 3-phase main electric service

Building 2
• 32’ clear height
• 60’ deep speed bay, 52’ wide x 53’-4”’ deep typical column spacing
• High-bay LED lighting with motion sensors
• 60 mil TPO roof membrane
• ESFR sprinkler system
• 52 overhead dock door positions equipped with 9’ x 10’ doors with bumpers
• Two 14’ x 16’ drive-in doors
• 26 trailer stalls and 175 car parking spaces
• 1,600 amp, 3-phase main electric service

Onicx Group Director of Development Scott Claiborne led the site identification and development approval process in the transaction. Aries Capital’s Chairman & CEO Neil Freeman, Director of Acquisitions Matt Carney and Director of Capital Markets Brandon Perdeck spearheaded the land acquisition process and continue to leverage their industrial private equity practice to optimize transaction structure and financing.

The project’s architect is Orlando, Florida-based commercial design firm C4 Architecture. There is an estimated $50 million in capital expense for phase one development.

Onicx Group VP of Investments Arjun Choudhary said, “This strategic joint venture between Onicx and Aries Capital is a wonderful opportunity to build out an industrial real estate development platform concentrated in Florida. This partnership is the result of a productive and longstanding relationship that I have with Neil Freeman, who was my mentor at the Warrington College of Business at University of Florida.”

We have been studying the Space Coast for some time now, and we are excited to partner with Onicx to deliver much-needed Class A space, which will accommodate the needs of space and aerospace tenants that are moving to the area,” said Aries Capital Director of Acquisitions Matt Carney. “We are excited by the expansion of the space vehicle launch industry and we look forward to supporting its growth.”

“We are excited that Space Coast Industrial Park at Parktowne is being developed by Onicx Group and Aries Capital. They have projected an estimated $50 million in capital expenditure in their Phase 1 development,” adds Team Volusia EDC President & CEO, Keith Norden, CEcD. “Small and medium sized companies are an increasing segment of our growing market, for industries like aviation, aerospace, and manufacturing. We always need product – new and redeveloped land and properties – so we can best advise recruitment prospects on what’s available.”

Edgewater City Manager Glenn Irby welcomes the new project, and said, “Space Coast Industrial Park at Parktowne is a huge deal for Edgewater, and the latest development by Onicx Group is very exciting for us. As a staff, we look forward to working with them to make their future as bright as possible.”

About Onicx Group
Onicx Group (“Onicx”), headquartered in Tampa, is an established multi-asset developer with focus in healthcare, multi-family, industrial, and mixed-use commercial real estate. With a long-standing focus in healthcare real estate and an unparalleled sector knowledge, Onicx is a prominent healthcare real estate developer and a trusted real estate partner for health systems and physician practices and other healthcare providers. To learn more, visit www.Onicx.com.

About Aries Capital
Aries Capital is a diversified commercial real estate banking and investment firm headquartered in Chicago with offices in Miami and Los Angeles. Since the firm’s inception in 1991, the Aries team, led by Founder, Chairman and CEO Neil Freeman, has completed over $350mm of principal investment transactions and over $8.5bn of capital markets transactions nationally.

Aries Capital Private Equity is a principal investment division of Aries Capital focused on the acquisition, operation and development of middle-market industrial and logistics assets nationally. Our private equity group leverages the firm’s position as both capital markets bankers and principal investors to source a wide funnel of unique and proprietary deal flow and capital solutions. Aries’ institutional approach and longstanding capital markets relationships create a competitive advantage with respect to sourcing, diligence, structuring and financing of middle-market transactions.