CHARLOTTE, N.C.--(BUSINESS WIRE)--Meritex has begun development on a 79,420-square-foot, Class A, multi-tenant industrial building on the land site next to its 11-building industrial portfolio known as CLT Logistics Center. The development will feature 32’ clear height, 60’ speed bay, attractive store fronts with timber panel finishes, additional trailer storage, and the flexibility to be demised to 3 to 4 suites, targeting users with needs ranging from 25,000 sq. ft. to nearly 80,000 sq. ft.
The project is the first phase of a larger plan to develop three modern distribution buildings on the site, which can accommodate nearly 220,000 sq. ft. of new industrial product. Phase I will be completed on a speculative basis and is anticipated for delivery by Spring 2018. The remaining buildings will be considered during the construction process.
“When we purchased the CLT Logistics Center in 2016, we always planned on developing the adjacent land site,” says Matt Wagner, director of acquisitions at Meritex. “We have a long-term interest in expanding our presence in Charlotte, so we immediately began to assess the feasibility of developing three modern distribution buildings.”
Meritex first entered the Charlotte market in mid-2016 with the $46.3 million acquisition of the 11 building, 583,021 square foot, Class A property known as CLT Logistics Center. The complex contains more than 40 local, national and international tenants with a wide range of suite sizes from 1,500 sq. ft. to 40,000 sq. ft. The initial purchase also included the 14 acres of available land which is now being developed.
Over the long-term, Meritex anticipates the area near the development will continue to see strong tenant and user demand due to its attractive location near Charlotte Douglas International Airport, intermodal, I-485, I-77 and I-85.
“With favorable property fundamentals and increasing demand from small- to mid-sized users, we feel the development will be well-received in the market,” says Wagner. “We also believe the modern design and features of the new buildings are highly sought after by the growing companies in the area.”
Meritex has selected Foundry Commercial as the listing agent and property manager for the project.
Eric Ridlehoover, managing director and principal at Foundry Commercial, says, “With overall market vacancy rates around 4 percent, and with the steady leasing velocity in both the overall market and airport submarket, the new building delivery couldn’t come at a better time.”
About The Meritex Company
The Meritex Company is a 101-year-old, family owned real estate investment company focused on leasing light industrial space to tenants in eight markets -- Atlanta, Charlotte, Columbus, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul and Phoenix. The company strategically acquires, develops, and manages approximately 10 million square feet of institutional grade, multi-tenant space made up of more than 90 properties, ensuring that each space is capable of meeting the demands of a dynamic tenant base. The Meritex Company is headquartered in Minneapolis.