Trammell Crow JV Begins Charlotte Industrial Project

Trammell Crow Co. has broken ground on Caldwell Commerce Center, a two-building, 233,335-square-foot speculative industrial development in Charlotte, N.C. Delivery is expected by July 2027.

A consortium of investors led by CBRE Japan, including Mitsubishi Logistics Corp., is partnering with Trammell Crow on the development.

Caldwell Commerce Center is being developed on 24 acres and will comprise two rear-load buildings measuring 106,175 square feet and 127,160 square feet. Each building will feature 32-foot clear heights, build-to-suit office space and ESFR sprinkler systems.

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CBRE Senior Vice President Bryan Crutcher and First Vice President Alek Salfia are the leasing agents for Caldwell Commerce Center. The project team includes general contractor Landmark Builders, civil engineer Seamon Whiteside and architect 9G Studio.

Located at 6122 and 6125 Caldwell Park Drive, the project is near interstates 485 and 85.

Strong leasing in Charlotte

Charlotte’s industrial space market saw 1.3 million square feet of net absorption in the second quarter, which was about 30 percent below the prior quarter, according to a recent report from CBRE. The brokerage attributed this decline mostly to a limited availability of large-block spaces, those exceeding 500,000 square feet. Vacancy declined 10 basis points from the prior quarter to 7.1 percent.

Leasing activity, however, remained vigorous, exceeding 4 million square feet for the second straight quarter. The most active types of users, CBRE reported, include retailers, e-commerce organizations and logistics providers, as well as a new subsector of data center suppliers, following recent growth in data center development in the region.

In late August, Beacon Partners started construction on Rapid Commerce Park, a roughly 1.5 million-square-foot Class A industrial project in Charlotte. The first phase will comprise three manufacturing and logistics structures totaling about 410,000 square feet and is scheduled for completion in the fourth quarter of 2027.