{"id":1004584878,"date":"2022-06-09T11:17:16","date_gmt":"2022-06-09T19:17:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004584878"},"modified":"2022-12-08T22:31:32","modified_gmt":"2022-12-09T06:31:32","slug":"crgs-105m-arkansas-build-to-suit-project-moves-forward","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/crgs-105m-arkansas-build-to-suit-project-moves-forward\/","title":{"rendered":"CRG\u2019s $105M Arkansas Build-to-Suit Project Moves Forward"},"content":{"rendered":"
\"CRG<\/a>

Rendering of The Cubes brand. Image courtesy of CRG<\/p><\/div>\n

CRG<\/strong> will soon add to its growing logistics portfolio, now that the company has commenced development of an approximately 1.2 million-square-foot build-to-suit industrial development in North Little Rock, Ark. CRG is building the $105 million facility, which will operate under the real estate firm\u2019s The Cubes brand, on behalf of a national Fortune 100 home improvement company.<\/p>\n

The unidentified home improvement company and any other businesses in need of large blocks of industrial space would be hard-pressed to find existing premier or even second-generation accommodations in Central Arkansas, where the vacancy rate was 3.9 percent in the first quarter of 2022, according to research from Colliers<\/strong>. Little Rock is no exception.<\/p>\n

\n

READ ALSO<\/strong>: Industrial Market Pulling Ahead Despite Headwinds<\/a><\/p>\n

\n

\u201cTenants looking for large buildings in the Little Rock market will be forced to select a developer for a build-to-suit due to the fact that no large speculative buildings of that size are normally built there,\u201d Mike Demperio, executive vice president with CRG, told Commercial Property Executive<\/em>.<\/p>\n

\"CRG<\/a>

The Cubes site North Little Rock, Ark. Image courtesy of Google Earth<\/p><\/div>\n

The build-to-suit project is a CRG endeavor through and through, with company subsidiary Clayco <\/strong>overseeing construction as the builder and another subsidiary, architecture firm Lamar Johnson Collaborative<\/strong>, having designed the facility. The warehouse and distribution center will occupy a 115-acre site along Highway 70, near the crossing of the thoroughfare with Interstate 440, and roughly 9 miles from the Port of Little Rock. According to Pulaski County records, CRG acquired the land from Tulip Farms <\/strong>Inc. for nearly $3.5 million.<\/p>\n

Construction of the property got underway in May. Upon completion, the cross-dock warehouse will offer features typical of Cubes-branded facilities, including 36-foot clear height, ESFR sprinkler systems, high-efficiency LED lighting, as well as abundant dock doors, trailer storage and car and truck parking. The tenant will occupy the facility under a long-term lease with CRG.<\/p>\n

Answering the call<\/strong><\/h2>\n

News of CRG\u2019s project in North Little Rock emerges on the heels of the company\u2019s announcement of the closing of its U.S. Logistics Fund II<\/a> just days ago, having raised $300 million with the expectation of an additional $150 million of equity through co-investment vehicles. The fund\u2014which reached its goal of 10 percent investment from diverse investors\u2014will focus on the development of high-quality warehouse and distribution facilities in well-located, core U.S. markets where fundamentals remain strong.<\/p>\n

All told, USLF II and its co-investment vehicles anticipate being able to produce a total of $1.5 billion of logistics properties in key markets over the next two years.<\/p>\n

CRG expects to deliver the build-to-suit project in North Little Rock in the first quarter of 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Large spec industrial facilities of this size are hard to find in this tight market.<\/p>\n","protected":false},"author":969,"featured_media":1004584901,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,21742],"tags":[32869,35498,38680,51526],"class_list":["post-1004584878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-latest","tag-clayco","tag-colliers","tag-crg-real-estate-solutions","tag-lamar-johnson-collaborative"],"acf":[],"yoast_head":"\nCRG\u2019s $105M Arkansas Build-to-Suit Project Moves Forward - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"CRG is developing a warehouse and distribution center on 115 acres in North Little Rock on behalf of a Fortune 100 home improvement company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/crgs-105m-arkansas-build-to-suit-project-moves-forward\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CRG\u2019s $105M Arkansas Build-to-Suit Project Moves Forward\" \/>\n<meta property=\"og:description\" content=\"CRG is developing a warehouse and distribution center on 115 acres in North Little Rock on behalf of a Fortune 100 home improvement company.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/crgs-105m-arkansas-build-to-suit-project-moves-forward\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-09T19:17:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:31:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-brand-rendering-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"820\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/crgs-105m-arkansas-build-to-suit-project-moves-forward\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/crgs-105m-arkansas-build-to-suit-project-moves-forward\/\",\"name\":\"CRG\u2019s $105M Arkansas Build-to-Suit Project Moves Forward - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/crgs-105m-arkansas-build-to-suit-project-moves-forward\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/crgs-105m-arkansas-build-to-suit-project-moves-forward\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-brand-rendering-featured.jpg\",\"datePublished\":\"2022-06-09T19:17:16+00:00\",\"dateModified\":\"2022-12-09T06:31:32+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"description\":\"CRG is developing a warehouse and distribution center on 115 acres in North Little Rock on behalf of a Fortune 100 home improvement company.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/crgs-105m-arkansas-build-to-suit-project-moves-forward\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/crgs-105m-arkansas-build-to-suit-project-moves-forward\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/crgs-105m-arkansas-build-to-suit-project-moves-forward\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-brand-rendering-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Cubes-brand-rendering-featured.jpg\",\"width\":820,\"height\":600,\"caption\":\"Rendering of The Cubes brand. 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