Commercial
Charlotte
LM Real Estate drops $97M on biggest industrial deal this year
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Fortius, McCraney add 1.3M sf to Charlotte’s industrial proliferation
Development in Concord will add to robust industrial deliveries, which have increased vacancies
Fortius Capital Partners and McCraney Property Company have targeted a northeast Charlotte suburb for a massive industrial project.
The developers aim to deliver a 1.35 million-square-foot complex with as many as nine buildings to Concord, the Charlotte Business Journal reported.
The development, called Concord Commerce Park, would span 156 acres at Concord and George Liles parkways. Construction is expected to kick off in the third quarter.
The site sits adjacent to the Grounds at Concord, a sprawling industrial park that includes Eli Lilly and Company’s massive $2 billion campus.
“This prime location is at the heart of the action,” Harris Morrison, Fortius’ founder and managing director, told the outlet. “We’ve even called it ‘Main and Main’ internally, because of its central position to so much development.”
The first four buildings will range from 108,100 square feet to 218,400 square feet, with the remaining structures planned to fall between 84,000 and 158,000 square feet.
The project will necessitate approximately $11.2 million in public infrastructure improvements, including roadways, water and sewer upgrades in the surrounding area. City approval for these improvements and project incentives were secured by Fortius earlier this year.
McCraney Property is among the Charlotte area’s top developers and has delivered several projects near Charlotte Douglas International Airport.
Fortius Capital’s successful local projects include Lakeshore Corporate Park, the redeveloped former Kannapolis Intimidators stadium, as well as Meadows Corporate Park and The Springs Business Park.
Charlotte’s industrial market saw 340,000 square feet of positive net absorption in the first quarter, according to Cushman & Wakefield. Industrial vacancies rose to 5.6 percent, up roughly 3 percent year-over-year, but that’s largely the result of overzealous developers, with nearly 17.7 million square feet of new supply flooding Charlotte’s market over the last five quarters.
—Quinn Donoghue
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