Onicx Group and Aries Capital are pleased to announce the formation of a joint venture and the acquisition of 83 acres of industrial land in Edgewater, Florida for the development of Parktowne, a 1mm Square Foot industrial park which will consist of Class A warehouse product. The project caters to the underserved demand for industrial space driven by the robust growth of the space vehicle launch industry along Florida’s “Space Coast.”
Phase I, consisting of 350,000 Square Feet, is slated to break ground in Q1 2023. Onicx Group’s Director of Development, Scott Claiborne led the site identification and development approval process. Aries Capital, led by Neil Freeman, Matt Carney and Brandon Perdeck, led the land acquisition process and continue to leverage their industrial private equity practice to optimize transaction structure and financing.
Aries Capital’s Chairman & CEO, Neil Freeman, and Onicx Group’s VP Investments Arjun Choudhary have a productive and longstanding relationship through the Warrington College of Business at the University of Florida, where Freeman was his mentor. That relationship has flourished to become a strategic joint-venture partnership between Aries Capital and Onicx Group to build-out an industrial real estate development platform concentrated in Florida. More information on this project will be forthcoming.