Cherokee Commerce Heart 85. Picture courtesy of Glenstar Properties
Glenstar Properties continues its enlargement within the industrial sector with plans to start development this spring on Cherokee Commerce Heart 85, a 290-acre, five-building, 3.6 million-square-foot industrial park in Gaffney, S.C., located between Greenville-Spartanburg, S.C., and Charlotte, N.C.
Glenstar’s capital associate on CCC 85 is Creek Lane Capital. The primary asset the companions will assemble can be a 550,520-square-foot spec-to-suit warehouse that may be expandable to 1.3 million sq. ft and can be often known as Constructing 2. Completion is predicted in spring 2024 on the cross-dock constructing. It can have 40-foot clear heights, as much as 232 dock doorways, 4 drive-in doorways and parking for 452 trailers and 540 vehicles.
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The second constructing to be constructed can be Constructing 4, which can be rear-load and have 36-foot clear heights together with 56 dock doorways, two drive-in doorways and parking for 132 trailers and 324 vehicles.
Glenstar Principal Brian Netzky stated in a ready assertion the ample area within the buildings permits for flexibility to accommodate as much as 1.7 million sq. ft of area below one roof. He stated tenants will be capable of select from a variety of mid- to bulk-size, best-in-class industrial area. The warehouses are being constructed on a speculative foundation and preleasing is underway.
CCC 85 can be situated on the intersection of Hyatt Avenue/SC Freeway 105 and the I-85 hall, an space of speedy development that Netzky stated is without doubt one of the most important provide chain hyperlinks within the Southeast. The positioning is 33 miles from the BMW Group Plant Spartanburg, 38 miles from Inland Port Greer in upstate South Carolina and 50 miles west of Charlotte. From CCC 85, tenants will be capable of attain 100 million customers inside a one-day drive.
Ware Malcomb has been chosen because the architect for CCC 85. The Conlan Co. can be basic contractor and Seamon/Whiteside will present civil engineering companies. Colliers would be the leasing agent for the commercial area.
Rising industrial portfolio
Ware Malcomb and The Conlan Co. are additionally concerned within the design and development of Glenstar’s first industrial mission within the U.S. Southeast. Final fall, Glenstar fashioned a three way partnership with Columnar Holdings to develop Tri-County 75, a 72-acre industrial park in Fort Myers, Fla. Building is underway on the speculative mission that may have 4 buildings and 818,434 sq. ft of commercial area when it’s constructed out. The companions obtained a $97.5 million development mortgage originated by Sq. Mile Capital Administration LLC for the mission anticipated to ship later this yr.
Netzky joined Glenstar final yr and is main the agency’s new industrial initiatives together with Glenstar co-founder Michael Klein. The agency, identified for the previous twenty years for its nationwide workplace and multifamily developments, final yr started specializing in the commercial sector. Its important goal space is the Southeast’s booming I-85 hall.
Regardless of headwinds and discuss of cooling in some markets, Klein stated in ready remarks the agency sees solely room to run for industrial, notably within the Southeast, which has record-low occupancy and super development pushing demand. Klein stated they anticipate vital preleasing on their ground-up, huge field, institutional-quality industrial services. He stated they’ll modify spec area in actual time to swimsuit a tenant’s wants.
Klein credited Netzky’s industrial expertise as a tenant dealer, noting it helps to determine websites and construct services from the tenant perspective. Netzky based Interstate Tenant Advisors, which he led for practically 15 years earlier than merging with Colliers in 2018. He remained an government vice chairman with Colliers for 2 years earlier than becoming a member of Glenstar.
