Meritex Breaks Ground on Two Spec Industrial Buildings in NC
The firm reports two speculative buildings comprise the final phase of a larger plan to build three buildings at its CLT Logistics Center.
CHARLOTTE, NC—Minneapolis-based Meritex Co. has begun construction on the final phase of its CLT Logistics Center located near Charlotte Douglas International Airport here.
The firm reports two speculative buildings comprise the final phase of a larger plan to build three buildings at its CLT Logistics Center. Meritex recently completed construction earlier this year on a 79,420-square-foot, Class A, multi-tenant industrial building at the complex.
The two new buildings will be called CLT Logistics Building II and III and will contain approximately 135,024 square feet of new modern industrial space.
Once Buildings II and III are completed (scheduled in the summer of 2019), the CLT Logistics Center will be a 14-building business park with approximately 800,000 square feet of industrial space. The latest development at the CLT Logistics Center will bring Meritex’s footprint to nearly 1 million square feet of industrial product in the Charlotte metro area. Company officials report the CLT Logistics Center is currently seeing strong leasing activity.
“This development site is irreplaceable and strategically located adjacent to the airport providing excellent access to the airport cargo, intermodal, highways, and downtown Charlotte,” says Matt Wagner, director of acquisitions at Meritex. “The new buildings and our existing business park attract a diverse tenant base because of its unique location and amenities that serve companies in distribution, freight forwarding, last-mile solutions, light industrial, manufacturing, tech and R&D sectors.”
Buildings II and III will feature 32’ clear heights, efficient column spacing, LED lighting with motion sensors, ESFR sprinkler system, high dock ratio count, pit levelers, abundance of natural light with clerestory windows, ample trailer storage, and 60’ speed bays.
Meritex first entered the Charlotte market in mid-2016 with the acquisition of the 11-building, 583,021-square-foot, Class A property known as CLT Logistics Center. The initial purchase also included 14 acres of available land, which is currently under development. The business park contains more than 40 local, national and international tenants with a wide range of suite sizes from 1,500 square feet to 40,000 square feet. The property is currently 97% leased.
“Charlotte continues to be an attractive market for us as its supported by strong demand drivers,” says Wagner. “We plan to continue our growth in the near term, with the goal of growing our portfolio in excess of two million square feet.”
Meritex owns, develops and manages approximately 11 million square feet of institutional grade, multi-tenant space made up of more than 90 properties in eight markets—Atlanta, Charlotte, Columbus, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul and Phoenix.