The well-known group called Rockefeller Group has recently started its industrial real estate project in the area of Charlotte, and have recently broken ground. The said project is the second project that is developed in the same area in the last two years.
The New Industrial Real Estate Project of Rockefeller Group
According to Commercial Property Executive, the said group has recently started the construction on their latest industrial real estate project named Stateline77. The said project is located in Fort Mill, South Carolina, and will be a 1 million-square-foot industrial development.
The Stateline77 would be a distribution center when completed, which will be composed of two warehouses that would have separate sizes each: one 814,162 square-foot and 221,00 square-feet. The project, once completed, will be the second development project of the group in the Charlotte area of its location.
Meanwhile, it will be handled by Edward Construction Services as the design-builder and they will aim for a completion date of January 2022. For the leasing part of the project, it will be handled by both JLL's Jordan Quinn and Spencer Yorke.
The said project will be developed from the location of Logistics Lane, which exists in the Central Carolina Parkway, which is an under-construction road. The location is a 77.5-acre parcel of land, wherein in 2019 was purchased by the developer. Once the project has been completed, the largest building will offer the following:
- 40-foot clear heights
- 185-foot truck court
- 197 trailer parking spaces
The second, smaller building will instead have 32-foot clear heights and 164 auto-parking stalls. The location would be north of downtown of Fort Mill, measuring around 5 miles. It is a mile away from the Interstate 77-U.S. Route 21 Interchange.
Do take note that last September that the group broke ground on another industrial property that is measured 222,330 square-foot is located in Braselton, Georgia. The said project is expected to be finished by 2021 and will be handled by Randall-Paulson Architects.
Furthermore, the group is known for Lakemont77, another industrial real estate project that they have spearheaded. It was completed in 2019 and is a 370,000 square-foot industrial property. They later sold the said industrial real estate property to an entity that is currently affiliated with Invesco Advisors Inc., for the price of $25.95 million in February 2019.
The Future of the Project of the Said Rockefeller Group Project
According to the Charlotte Business Journal, the target of the said project is to meet the demand of the industrial real estate sector. They have stated that the demand is currently at an all-time high, wherein most of the demand is centered around being near the city's population. Additionally, they have stated that the area of Charlotte is a good alternative for Atlanta as a location for large regional distribution centers.
Furthermore, the other reason why the group chose Charlotte is that the industrial buildings in the said location are lacking. This makes it a good location to set up new industrial real estate properties in the said location. Additionally, the market in the said area is in need of new industrial real estate properties and development.
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