CHARLOTTE, NC--(Marketwired - January 27, 2017) - Foundry Commercial, a regional commercial real estate firm with offices across the Southeast and Texas, has closed on another industrial development site in the last 60 days -- a 1.1 million square-foot, 106-acre property located in the Airport West submarket. Formerly known as Beltway Business Park, Foundry and capital partner Principal Real Estate Investors, will rename and develop the tract as WestPark 85.
Located off Interstate 85, the dominant industrial corridor in Charlotte, West Park 85 is strategically positioned along the "Mega Corridor" commonly referred to as I-85 between Atlanta and Raleigh. The asset's connectivity to other major interstates (I-77 and I-485 -- Charlotte's outer belt), as well as the Charlotte Douglas International Airport and the Norfolk Southern Intermodal railyard, makes WestPark 85's location ideal for tenants requiring access to a broad distribution network.
"The Airport West submarket has seen only 400,000 square feet of new product delivered in the last 2 years, so we expect demand for this project to remain high," said Bill Simerville, managing director and principal at Foundry Commercial. "What makes WestPark 85 so exciting is it accommodates pent-up demand for institutional quality new supply, while fueling job growth in our region."
West Park 85 will have the ability to accommodate virtually any size user. The 32' clear height, rear-load, tilt-wall construction with ESFR sprinkler systems reflects demand for the deepest sector of the industrial market. The first phase will break ground immediately consisting of two buildings totaling 450,000 square feet. Based upon tenant demand, the second phase will accommodate one large user requiring up to 800,000 square feet or up to four, multi-tenant buildings containing 650,000 square feet.
Phase I will deliver the first two buildings simultaneously in Q4 of 2017, Phase II will follow immediately unless tenant demand accelerates development.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 270 employees and more than 40 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, property, asset and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform, fully integrated into its services business, leveraging its local market expertise to control more than $500 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout. For more information, visit www.foundrycommercial.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $72.5 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group.