McCraney Property Co. Acquires 150 Acres for 1.2M-Square-Foot Industrial Park in Southwest Charlotte
Industrial developer McCraney Property Co. will soon build more warehouse space in southwest Charlotte after closing on the land.
The real estate firm acquired about 150 acres off Garrison Road in southwest Charlotte for $10.2 million, according to Mecklenburg County real estate records. The land, which is mostly undeveloped, was previously owned by multiple entities and closed in four transactions.
There, McCraney will develop a five-building, 1.2 million-square-foot industrial project. The site, south of the upcoming River District project, was rezoned in February to allow industrial development. A site plan for the development is being reviewed by city staff now, McCraney said.
The transaction was an off-market deal.
After buildout of the park, called 485 Logistics Industrial Park, McCraney will have more than 2 million square feet of industrial space in the local market.
“As the last land parcel of this size available in Charlotte’s southwest airport industrial submarket, the acquisition of this off-market deal is a considerable advantage to our growing Southeast portfolio, with this park designed and destined to create an unprecedented product, thus creating jobs and opportunities for efficient last-mile distribution space,” said Steven McCraney, president and CEO of McCraney Property Co., in a statement.
Follow-up questions about when 485 Logistics Industrial Park may break ground or other details about the project were unanswered by late Friday.
McCraney, which is based in Orlando, Florida, in October unloaded three industrial buildings at West Boulevard and Billy Graham Parkway as part of a $272 million sale to Nuveen.
The company is the 13th-most active developer in Charlotte, with nearly 1.3 million square feet developed locally between 2016 and 2020, according to Charlotte Business Journal research.
Chris Skibinski and Chris Loyd at Avison Young represented the seller of a 60-acre parcel included in the deal.