Charlotte Commercial Real Estate Wrap-Up – September 2020

Work starts on major industrial projects. Foundry Commercial to manage Plaza Midwood redevelopment. Read our September selection of Charlotte must-knows.
Charlotte. Image by David Mark via Pixabay.com

September was a relatively calmer month for North Carolina, with the number of new COVID-19 cases and hospitalizations decreasing compared to August, albeit an uptick was registered starting with the end of the month. Nonetheless, the state entered Phase 3 of reopening on Oct. 2, which slightly loosened some restrictions. Meanwhile, Charlotte commercial real estate activity hummed along. Developers were active across a variety of asset classes, with a special focus on the industrial sector. Here’s our September list of Charlotte must-knows:

1. DEVELOPMENT – 2.8 million square feet of industrial space coming to Rock Hill.

Two large industrial projects are underway some 30 miles southwest of Charlotte, according to Charlotte Business Journal. Rock Hill Economic Development Corp. partnered with the Barron family and Childress Klein for the construction of the 1.8 million-square-foot Aspen Business Park. The 10-building property will be developed on 216.5 acres near Celanese and Aspendale roads. The second project, adjacent to Celriver Road, is Rock Hill Commerce Center. Strategic Capital Partners is building the 1 million-square-foot, four-building industrial park slated for delivery in the fourth quarter of 2021.

2. OPERATIONS – Foundry Commercial to manage Plaza Midwood redevelopment.

The company will oversee more than 104,000 square feet of retail and some 150,000 square feet of office space within the mixed-use project of Crosland Southeast and Nuveen Real Estate. The joint venture purchased the 12-acre site at Pecan and Central avenues for roughly $50 million this spring. The pedestrian-friendly project is set to include residences, retail, restaurants and creative office space. The phased redevelopment is expected to take up to five years.

3. DEVELOPMENT – Atrium Health breaks ground on rehab hospital.

Upon completion, the 150,000-square-foot new facility will replace the current 150-bed Atrium Health Carolinas Rehabilitation, a first step in the modernization and expansion of the 3.3 million-square-foot Carolinas Medical Center campus. Taking shape on Morehead Street, on the former site of the Carolinas College of Health Sciences, the hospital will include 70 private patient rooms, a 9,300-square-foot outpatient clinic and an outdoor therapy challenge garden. Opening is slated for 2022.

4. HOSPITALITY – Hampton Inn & Suites opens near Northcross Shopping Center.

Located at 7911 W W.T. Harris Blvd., the 130-key Hampton Inn & Suites Charlotte Northlake is 10 miles north of the city center, just off Interstate 495. Amenities include a business center, fitness center and event space. Northlake is the fourth same-branded asset opened by Daly Seven Inc. in Charlotte, following the two Hampton Inn & Suites near the airport and the one on Arrowood Road.

5. LEASING – Cushman & Wakefield adds tenant to Montclaire South office park.

Working on behalf of the landlord, Viking Partners, the brokerage firm negotiated a 13,438-square-foot lease with DMG MORI at Forest Park I. The company will occupy the entire Building 800 of the 65,670-square-foot, two-building property completed in 1986. The single-story office campus occupies 6.5 acres at 700 Forest Point Circle, near Interstate 77. JLL represented the tenant.