The URL can be used to link to this page

Home My WebLink About20171202 Ver 1_More Info Received_201710181%01 McCRANEY ax exviaox mcxr ro exaw October 12, 2017 Mr. Len Rindner Wetlands and Environmental Planning Group Charlotte, NC Re: Airport South Business Park, Charlotte, NC Dear Len: The proposed Airport South Business Park, located at the intersection on West Blvd near the Charlotte Douglas Airport, is strategically located to meet the increased demand for light industrial space in the greater Charlotte market. The current warehouse vacancy for Mecklengburg County is at a record low of 3.2% and 4.4% for the overall Charlotte market. A normal vacancy rate for the Charlotte industrial market is historically in the range between 9-10%. A snapshot of the Charlotte industrial market is attached to this letter which provides further evidence that additional light industrial development is needed to support the current market conditions. The planned development is an infill site and located less than 2 miles from the Charlotte Douglas Airport intermodal yard; 3 miles to 1-485 1-77 and 1-85; and less than 4 miles from uptown Charlotte. The development will serve the needs of existing businesses that are looking to expand as well as new businesses looking for space in the market. Given the site's proximity to the CSX intermodal yard, it is well positioned to satisfy the demand of the burgeoning 3PL businesses which are responsible for storing, sorting, packaging and shipping product for retailers and other customers; and, all the businesses that support them. Furthermore, the planned development is consistent with the City of Charlotte and Charlotte Douglas Airport's zoning and transportation plan(s). Our expectation is that the site will be leased up and constructed in one phase, based on current market conditions. Please do not hesitate to contact me if you have any questions. ruly Dalt ms Principal and Managing Director Attachment WEST PALM BEACIP 561-478-4300 F 561-478-7111 ORLANDO P 407-852-0701 F 407-852-0703 MCCRAN EYPROPERTY.COM Charlotte's Industrial market experienced another strong 3 months in the 2"d quarter of 2017. In Mecklenburg County specifically, absorption of 1.3 MM SF continues to outpace construction deliveries and push the vacancy rate lower and lower. The Airport West and North submarkets saw the majority of the absorption with Mutual Distributing and Bonded Logistics each taking 500,000 SF. Overall, Charlotte's vacancy rate stayed static at 4.4%. There was 1.5 MM SF of construction deliveries in the quarter with a total of 2.2 MM SF delivered YTD. To cap off a healthy quarter, a major Industrial build -to -suit was announced as The Keith Corp. and Staples agreed to terms on a 600,000 SF building in the Southwest submarket. SUBMARKET INVENTORY OVERALL YTD LEASING YTD OVERALL DIRECT 6.5% 1 18,1 19 VACANCY ACTIVITY NET WEIGHTED 238,885 362,723 RATE 9,289,952 ABSORPTION AVERAGE NET 229,667 $3.37 21,219,447 4.6% 294,518 ASKING RATE Airport West 17,685,944 3.9% 100,703 544,826 $4.73 Central 3,722,011 3.7% 3,500 29,015 $5.25 East 9,567,326 0.7% 1,780 83,989 $4.97 North 29,436,210 3.3% 121,699 686,523 $4.54 Northwest 12,956,825 7.7% 57,262 (165,590) $3.42 Southwest 38,902,573 1.8% 314,808 773,936 $5.20 Mecklenburg County Subtotal Cabarrus County Gaston County Lincoln County York County LS 112,270,889 3.2% 599,752 1,952,699 4.65 17,984,367 6.5% 1 18,1 19 26,251 $4.67 25,242,427 5.5% 238,885 362,723 $3.04 9,289,952 9.9% 532,000 229,667 $3.37 21,219,447 4.6% 294,518 (3,987) $5.10 186,007,082 4.3% 7.4% 2,567,353 $4.42 SUBMARKET INVENTORY OVERALL YTD LEASING YTD OVERALL VACANCY ACTIVITY NET RATE ABSORPTION Airport West 4,219,240 7.6% 144,728 (2,083) Central 519,419 5.7% 1,675 0 East 2,986,158 1.9% 35,715 63,302 North 4,453,664 3.3% 130,555 (78,604) Northwest 423,821 1.1% 1,250 (1,945) Southwest 4,158,435 7.4% 131,295 (12,924) DIRECT WEIGHTED AVERAGE NET ASKING RATE $8.34 $9.00 $8.48 $9.82 $7.89 Mecklenburg County Subtotal 16,760,737 5.1% 445,218 (32,254) U.2 Cabarrus County 2,406,305 6.3% 30,167 (26,386) $9.81 Gaston County 486,985 - - - York County 1,715,939 1.0% 14,728 44,929 $5.91 LIGHT INDUSTRIAL 21,369,966 5.0% 490,11 (13,711) 8.2 TOTALS This report was prepared using sources we deem reliable and while it is believed to be accurate, it is notguoronteed by Foundry Commercial. 3719 Westinghouse Blvd. Submarket: Southwest Tenant: Staples - Type: Warehouse / Distribution 10815 Quality Dr. Submarket: Southwest Tenant: GM Parts Type: Warehouse / Distribution -� Newton Corporate Center Submarket: Catawba County Tenant: Room & Board Type: Warehouse/Distribution 10215 Ridge Creek Dr. (Ridge Creek III) Submarket: Southwest Tenant: HD Supply Type: Warehouse/Distribution 5600 David Cox Rd. (Innerloop North) Submarket: North Tenant: Premier Yarns }}-` Type: Warehouse/Distribution 11515 Granite St. (Granite Distribution Center) Submarket: Southwest Tenant: F J E Type: Warehouse/Distribution 600,00 360,500 1 225,680 195,000 A 113,979 80,000 5518 David Cox Rd. - Two (2) buildings 692,833 (Innerloop North & Riverwalk Business Park) Submarket: North, York County Purchase Price / $PSF: $52,200,000 / $75/sf 2730 Queen City Dr. 511,200 - Submarket: Airport West Purchase Price / $PSF: $27,400,000 / $54/sf 215 International Dr. (International Business Park) 277,253 Submarket: Cabarrus County Purchase Price / $PSF: $18,600,000 / $67/sf 1953 Langston St. 277,000 Submarket: York County Purchase Price / $PSF: $6,675,000 / $24/sf 12120 Herbert Wayne Ct. (The Park Huntersville) 78,319 Submarket: North Purchase Price / $PSF: $8,700,000 / $1 1 1 /sf • �I11Q11.: FOUNDRY MARKET FOCUS CHARLOTTE INDUSTRIAL Address Metrolina Park (2 bldgs.) LegacyPark West (2 bldgs.) RiverOaks Business Park (2 bldgs.) Concord Airport Business Park Ridge Creek West III Shopton Ridge (3 bldgs.) Wilkinson Commerce Center (2 bldgs.) Shopton Ridge Riverwalk Business Park (BTS) CDC South SIZE (SF) SUBMARKET COMP. DATE 636,584 North Q2 - 2017 558,000 York Q2 - 2017 453,206 Cabarrus Q3 - 2016 316,465 Cabarrus Q2 - 2017 282,880 Southwest Q3 - 2016 262,100 Southwest 02-2017 Steele Point (2 bldgs.) 216,500 Airport West Q2 - 2017 204,120 Southwest Q2 - 2017 197,000 York Q1 - 2017 109,200 Southwest Q4 - 2016 QTR 2 2017 DEVELOPER Beacon Partners Scannell Properties Beacon Partners The Silverman Group Childress Klein Trinity Partners Scannell Properties Liberty Property Trust GRH Development Liberty Property Trust Address SIZE (SF) SUBMARKET COMP. DATE DEVELOPER Staples Distribution Center 600,000 Southwest Ql -2018 The Keith Corp. Logistics 77 @ Riverwalk 507,512 York Q4 - 2017 McCraney Property Co. WestPark 85 (2 bldgs.) 458,135 Airport West Q4 - 2017 Foundry Commercial Steele Point (2 bldgs.) 377,000 Southwest Q4 - 2017 Foundry Commercial Pactiv 324,500 North Q4 - 2017 Mason Ave. Investments Concord Airport Business Park 300,000 Cabarrus Q3 - 2017 The Silverman Group Afton Ridge II 260,000 Cabarrus Q4 - 2017 Childress Klein Lakemont East 201,788 York Q3 - 2017 Crescent Resources Shopton Ridge (3 bldgs.) 127,325 Southwest Q3 - 2017 Trinity Partners Steele Creek Commerce Center #7 120,000 Southwest Q3 - 2017 EastGroup CONSTRUCTION ACTIVITY 8.0 6.0 C 4.0 2.0 0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ■ BTS ■ SPEC HISTORICAL DELIVERIES 4.0 0.0 M M M 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Deliveries Average Delivered SF WAREHOUSE SUBMARKET BREAKDOWN 1. Airport West 17,685,944 (3.9%) 2. Central ' 3,722,011 (3.7%) 3. East 9,567,326 (0.7%) 4. North 5. Northwest 12,956,825 (7.7%) 6. Southwest 7. Carbarrus County 8. Gaston County 9. Lincoln County 9,289,952 (9.9%) 29,436,210 (3.3%) 17,984,367 (6.5%) 25,242,427 (5.5%) 10. York County 21,219,447 (4.6%) Inventory (SF) (Vacancy Rate) TOP 10 LARGEST AVAILABLE 38,902,573 (1.8%) This report was prepared using sources we deem reliable and while it is believed to be accurate, it is not guaranteed by Foundry Commercial AVAILABLE CLEAR PROPERTY ADDRESS SF SUBMARKET OWNER HEIGHT r Premier Distribution Center 824,077 Southwest New York Life/ 24, LegacyPark West II 432,000 York Scannell 30' Properties Afton Ridge 360,000 Cabarrus County Childress Klein 30' 4017 Chesapeake Drive 338,335 Northwest Equity Industrial 20' Partners RiverOaks Corporate Center 309,536 Cabarrus County Beacon Partners 32' 1000 Exchange Street 222,596 Northwest Reger Holdings 20' Logistics Pointe 209,316 Southwest New York Life/LRC 32 4001 Performance Road 193,742 Airport West MCI 17' Waterford Business Park 185,935 York County Thorofare 31' Capital 13201 Reese Blvd 185,570 North STAG 26' This report was prepared using sources we deem reliable and while it is believed to be accurate, it is not guaranteed by Foundry Commercial West Boulevard N.C. Hwy. 16 0) variable width public R/W (see D.B. 7177-65: to City of Charlotte) Class III Major Thoroughfare CURB CUT REQUIRED TO ALIGN WITH AIRPORT DRIVE ' ' ' ' / N a —FOCAL INDUSTRIAL STREET ROADWAY DESIGN — , , / , \\ —\ DETERMINED AND REQUIRED BY THE CITY OF Cn tA ��,—_ \ =r_ � ll \ 670 $ (\\ \\�//// / t\ ' — / \ 665 60 I • — _ _ — \�� \ \ \ \ \ 6 / \\\`\ // I ( r IIII J Ll Ll �� 55 /1 \\ \\ \ • 645 ��\� ��\ — - I%j\\ \ \\ \ , J \ \ _ _ _ BLDG 200 � � \\\ \ \ 1 1 \ 1 !I / // / .. \\ — '' � �\� \ � �� — ,/ � J / ► Jill / / / /'// �� \ \III /' 148,000 SF s� \�II'\I ti6I I A ff v�v�v .vim -- v v \ I I I / I► j II�I11}�) I / , , FIFE: 646 \ \ BLDG 1 O0 / I ►► 1 —' I / ' �'i,'// / / � -/i \ \ ; `\ `\\\ 1�';1 J 'I�\ 1 \ // Ii \\\(f roo \\ I / I 97,600 SF /,II,I►l11sI%11I4/1/111 I/,l\ ) –I `;:fi.r :.. 1:^{tI �f2.,t:,t,..'r./l/;:.•�:.: :�y::I.r,t1 ..;�.�2.., ,.i� ;. ..y',...,.y..,t.;::�•v;. ;: �%:♦,•: •tii•r t,t, ;r.:.\;C•;•;y . " BLDG 400 :FFE: 650.50 6 -- /.� / / � _ •.,, ,�. �1 115,000 SF -✓ , \ � — = � //� .: Y . • + : ••{.• . �.. :.. : � , : : = ��, ,�„ . : j ::#1. � \ 2 � I \ — \ III \\ ' �• 3• � - ✓/i / ?;,". � ;�.• • �.. � �`;�''��.� : �� . � - /ll I I I I 1 \�I � _ .I � \\ •� • \' � \ � •_ _ – � \ � \ I I FFE : 64 5 / / � � ,� I \\� r �\ 'e t s2s \ ✓� "!r� :: : ;``'.�2 .� <.��Y //��/ IIIYI� 640 \\ \\ 1 \ s4o —_ \ \\ _ i 1 \ I f / \ /' \ \\11— \�' '�'o8♦♦F V`,, _ �i — ;�1;• //:;;1;••• :, ' t,` 5.:::•r ,Y •.`•�-: : 1•'r.'�' .;:; /,-` ;; - / / / 11 \ r \\ \ \ \ ` I — — — — \ \ — _ - I ��1 11 I\� _ G's 9. N \ jj �•/"%;�./'`' ! '_\_:'\_t `�•'\'~`—". l',%`//, ;'• f '�;;J `/"•�� /%/� // II I III r \ — — _ \ \ 645 645\ \\ 11 '.off 02. /^\ \ / // / / / / / —\ _ \ \\ \ \\ % / / •/ / /,/, , % 1 \\\\ \ \ \ 1 \ : • f .•1d,. • .-tir, :-,»-i, •,; . • •. . . !: , : f• r < r :"'!• : • 2 \ 1 1 \\ / I J 645 / '. i• '' '''.`� ', •` .:\:•' ',., ."::,• "' , f;..��•:' � - :�:;� :" 111 .i �IIr c%gC/9� •S .t ♦ •4 f / 1• •! Y • .r • e \ :h / {r7 1' •S 'L r\• 'i \ '� •- \ 0 4i7 \ – \ - •r. "''t .J; ''1'.:;i•;:4'•y`h::"• Lt••S- .'•+'•r.N •2• \ 640 I� I I -' � � � l � ^t _ 4 �� _— / / , 1 4 \ .. • . ; � • ; f• _ �.•• �.�`�.. , ,.. • �..: _'�=:�=2:• • — .; ... .._ ; : �.,_ . � �; / � " / I \ ' \ \ � I / ( Illlljll l .6�Z \ BLDG 300 CD / 127,500 SF ts4v. r \ ) FFE:643 EDGE OF ROADWAY SECTION \\\ TL APPROXIMATELY 30 FEET FROM CENTERLINE OF EXISTING STREAM 101,700 SF !0 FFE:645 CUL—DE—SAC DIMENSIONS DETERMINED // I I �,J� I� AND REQUIRED BY THE CITY OF 640 CHARLOTTE CONSTRUCTION SEQUENCE �;, \` 3s W \ ` '/' ------------------------- 1 II 1. INSTALL PERIMETER EROSION CONTROLS. � � \ • I I(�1��1P�,�ID'� W " coo \ \ j �i� / `� o ' LII 2. CLEAR AND GRUB AS NECESSARY TO CONSTRUCT BMPS AND OUTLET / \ �_ STRUCTURES. / \ - 625 L 620 — �/ / hh \ �o `� 6'9-5 — ` / 3. FULLY CONSTRUCT BMPS AND OUTLET STRUCTURES. \ �' \ \\ I �II ,) �o�� ,�o W \ ��J � �' / /ice/ \lam\ \ \\\ Io�� .� 1 \/!/ �.�I G/ / ///j/ ��re \� \ � �\��\ III) /\ �� '1 �� I \�11�;// RpN 4. CLEAR AND GRUB REMAINDER OF SITE. / T\\ — _– \\� / I w1/,,� / //� 5 / Prox Jill 5. MASS GRADE ENTIRE SITE, REMOVE UNSUITABLE SOILS, AND CONSTRUCT ALL , _ / _ _-�� ' 'i �// BUILDING PADS. �l 6. PERFORM NECESSARY TESTING TO ENSURE STRUCTURAL INTEGRITY OF }I 16' TALL RETAINING WALL BUILDING PADS. \1 11 II \ \ \ \ 1 I I I I lll��lj / \ \ 7. CONSTRUCT ROADWAY, STORM DRAINAGE, WATER, AND SEWER INFRASTRUCTURE (CONCURRENT WITH VERTICAL BUILDING CONSTRUCTION). \� �8. CONSTRUCT PARKING LOTS AND OTHER HARDSCAPE FEATURES (CONCURRENT I I I /� ;% I I I //I I') Io\\\\IJill VERTICAL BUILDING CONSTRUCTION). II\�\ i 0 Ili ' \ 9. ESTABLISH VEGETATION AND STABILIZE ENTIRE SITE. III 1 I I IIII(ll(ll IIIIIII Illy �� 1 (I �� /�� ✓ y �o III / IIIIIII I IIIII 10. DO NOT REMOVE EROSION CONTROLS UNTIL SITE IS FULLY STABILIZED AND yl /J/ 111i\ 11 1z� �1\� I► r P O VERIFIED BY LOCAL INSPECTOR. ,/� �i I \\�}�� (� II _ _ �� ,� ��d \eek • eon .rod 11. FOLLOW PROPER PROCEDURES WITH MECKLENBURG COUNTY TO OBTAIN A CERTIFICATE OF OCCUPANCY FOR BUILDINGS. 0ColeJenest AIRPORT SOUTH INDUSTRIAL PARK 8, stone MCCRANEY PROPERTY COMPANY o,aa° ��\��\ ped � • Q Q �5 �o?o 0� C, OVERALL SCHEMATIC DEVELOPMENT PLAN SCALE: Project No. 4321 Issued 10.18. 17 ---