McCraney Property Co. has purchased an ensemble of four parcels totaling 150 acres for the development of a 1.2 million-square-foot speculative industrial park in Charlotte, N.C. The off-market transaction marks the sale of the last premium vacant lots in the city’s Southwest Airport submarket.
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Dubbed 485 Logistics Industrial Park, the five-building Class A project is still under review by city officials, while the parcels’ rezoning from residential to industrial use has already been approved. The development would bring McCraney’s total footprint in the market to more than 2 million square feet.
The four parcels near Charlotte Douglas International Airport are less than a mile from Interstate 485, while central Charlotte is roughly 8 miles west. The project would more than double the submarket’s industrial stock under construction as of the last quarter of 2020.
Joe Curley, leasing & acquisition director of Southeastern Regions at McCraney, arranged the deal in-house on behalf of the buyer, while Avison Young’s Managing Director & Principal Christopher Skibinski, along with Vice President Chris Loyd represented one of the four sellers.
McCraney’s recent deals
The announcement comes on the heels of McCraney’s disposition of the three-building, 350,687-square-foot Airport South Business Park, situated in the same submarket. Nuveen paid $272 million to acquire the asset, along with five other warehouses in Florida and Georgia. In 2017, McCraney bought 54 acres for the development, which was initially slated to comprise six buildings.
Down in Florida, McCraney and partner Tavistock Development Co. are in the process of developing the 206-acre Infinity Park’s second phase in Orlando, Fla. The expanding park’s latest 433,404-square-foot speculative warehouse, dubbed Building 800, was the largest industrial development underway in the market at the end of last year.