JV to Deliver 367 KSF Industrial Park in Charlotte
- Dec 28, 2016
Charlotte, N.C.—A partnership between real estate investment firms Foundry Commercial and Thackeray Partners recently announced the development of a 367,000-square-foot project in Charlotte’s Southwest submarket. The project will consist of two Class A warehouses, to be known as SteelePoint. The new industrial park will capitalize on dynamic market fundamentals, including single-digit vacancy, strong user demand and limited new supply.
SteelePoint will be located near the intersection of Steele Creek Road and Westinghouse Boulevard. Foundry closed on four parcels totaling 25 acres from two different sellers, which will allow SteelePoint to offer access from both Steele Creek and Ed Brown roads. Both properties will intersect with Westinghouse Boulevard, the most developed industrial corridor in the submarket. The development will simultaneously deliver a 250,000-square-foot and 117,000-square-foot building, with a 200-foot, shared truck court. Preliminary plans include a tilt-wall construction, 30-foot height and ESFR sprinkler systems with flexible specifications accommodating single or multi-tenant users.
“Our local team was instrumental in assembling one of the best remaining undeveloped industrial tracts in the market—the site has an ‘infill’ feel given the location, access and dense surrounding development,” said Bill Simerville, managing director & principal at Foundry Commercial, in prepared remarks.
Foundry Commercial’s presence in the Charlotte market has grown steadily since the company entered the region in 2011. Currently, the firm estimates its combined Charlotte and Raleigh offices lease roughly 30 percent of the third-party institutional market.
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