[ad_1]
Cherokee Commerce Center 85. Image courtesy of Glenstar Properties
Glenstar Properties continues its expansion in the industrial sector with plans to begin construction this spring on Cherokee Commerce Center 85, a 290-acre, five-building, 3.6 million-square-foot industrial park in Gaffney, S.C., situated between Greenville-Spartanburg, S.C., and Charlotte, N.C.
Glenstar’s capital partner on CCC 85 is Creek Lane Capital. The first asset the partners will construct will be a 550,520-square-foot spec-to-suit warehouse that can be expandable to 1.3 million square feet and will be known as Building 2. Completion is expected in spring 2024 on the cross-dock building. It will have 40-foot clear heights, up to 232 dock doors, four drive-in doors and parking for 452 trailers and 540 cars.
READ ALSO: Industrial Leasing Trends for 2023
The second building to be constructed will be Building 4, which will be rear-load and have 36-foot clear heights along with 56 dock doors, two drive-in doors and parking for 132 trailers and 324 cars.
Glenstar Principal Brian Netzky said in a prepared statement the ample space in the buildings allows for flexibility to accommodate up to 1.7 million square feet of space under one roof. He said tenants will be able to choose from a range of mid- to bulk-size, best-in-class industrial space. The warehouses are being built on a speculative basis and preleasing is underway.
CCC 85 will be located at the intersection of Hyatt Street/SC Highway 105 and the I-85 corridor, an area of rapid growth that Netzky said is one of the most critical supply chain links in the Southeast. The site is 33 miles from the BMW Group Plant Spartanburg, 38 miles from Inland Port Greer in upstate South Carolina and 50 miles west of Charlotte. From CCC 85, tenants will be able to reach 100 million consumers within a one-day drive.
Ware Malcomb has been selected as the architect for CCC 85. The Conlan Co. will be general contractor and Seamon/Whiteside will provide civil engineering services. Colliers will be the leasing agent for the industrial space.
Growing industrial portfolio
Ware Malcomb and The Conlan Co. are also involved in the design and construction of Glenstar’s first industrial project in the U.S. Southeast. Last fall, Glenstar formed a joint venture with Columnar Holdings to develop Tri-County 75, a 72-acre industrial park in Fort Myers, Fla. Construction is underway on the speculative project that will have four buildings and 818,434 square feet of industrial space when it is built out. The partners received a $97.5 million construction loan originated by Square Mile Capital Management LLC for the project expected to deliver later this year.
Netzky joined Glenstar last year and is leading the firm’s new industrial initiatives along with Glenstar co-founder Michael Klein. The firm, known for the past two decades for its national office and multifamily developments, last year began focusing on the industrial sector. Its main target area is the Southeast’s booming I-85 corridor.
Despite headwinds and talk of cooling in some markets, Klein said in prepared remarks the firm sees only room to run for industrial, particularly in the Southeast, which has record-low occupancy and tremendous growth pushing demand. Klein said they anticipate significant preleasing on their ground-up, big box, institutional-quality industrial facilities. He said they can modify spec space in real time to suit a tenant’s needs.
Klein credited Netzky’s industrial experience as a tenant broker, noting it helps to identify sites and build facilities from the tenant’s point of view. Netzky founded Interstate Tenant Advisors, which he led for nearly 15 years before selling it to Colliers in 2018. He remained an executive vice president with Colliers for more than four years before joining Glenstar.
[ad_2]
Source link
