Black Creek Group Enters Charlotte Market with New Project
The development, being built on 56.4 acres in the Southwest industrial market of Charlotte, will total 621,000 square feet and will involve four industrial buildings ranging in size from 58,000 square feet to 223,000 square feet.
CHARLOTTE, NC—Denver-based real estate investment and development firm Black Creek Group reports it has acquired a more than 56-acre parcel here in order to build a more than 600,000-square-foot industrial complex called “Creekside Commerce Center.”
The development, being built on 56.4 acres in the Southwest industrial market of Charlotte, will total 621,000 square feet and will involve four industrial buildings ranging in size from 58,000 square feet to 223,000 square feet. Construction on the four buildings is expected to begin in the second quarter of this year and be completed by the end of 2019.
“The acquisition of one of the few remaining large in-fill land parcels in Charlotte’s premier submarket is an excellent opportunity for Black Creek Group to strategically build its footprint within the region as well as capitalize on the robust demand we are seeing within the Southwest submarket,” says Matt Breaux, senior vice president for the Southeast region at Black Creek Group.
No financial terms of the property acquisition or the development cost of Creekside Commerce Center were released.
The new project follows up on what was a very busy 2018 for Black Creek Group, which in 25 years of business has bought or built more than $18 billion of investments. The firm reported earlier this year that it raised $817 million of capital and acquired 4.6 million square feet of assets across the industrial, office and retail sectors last year. The firm also completed 3.8 million square feet during 2018 and purchased 347 acres to develop 4.7 million square feet.
Black Creek Group executed 11.4 million square feet of leasing across its industrial, office and retail assets bringing assets to bring its portfolio to 91.1% leased at year-end. As of Dec. 31, 2018, the firm had a national footprint of 62.3 million square feet across 32 markets.
Back in January, Black Creek reported it had sold two Pennsylvania industrial buildings totaling 393,000 square feet and acquired three different industrial properties totaling 325,000 square feet. The transactions brought Black Creek’s Pennsylvania footprint to 4.6 million square feet and 97.4% leased as of December 2018.