Meritex to Develop 14 Acre Land Parcel near Charlotte Douglas International AirportDecember 8, 2017 Charlotte, NC
CHARLOTTE, N.C. – 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.
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.
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.”