Glenstar Properties, known for two decades as a national office and multifamily developer, is expanding its recent focus in industrial development with the announcement of its newest project – Cherokee Commerce Center 85 (CCC 85), a 290-acre commercial warehouse park in Gaffney, S.C. Located between Greenville-Spartanburg, S.C. and Charlotte, N.C., CCC 85 will break ground this spring on its first of five buildings, a 550,000-square-foot spec-to-suit warehouse that will be expandable to 1.3 million square feet.
“Despite headwinds and talk of cooling in some markets, we see only room to run for industrial, particularly in the Southeast, which has record-low occupancy combined with tremendous population growth that’s creating even more demand,” said Glenstar Co-Founder Michael Klein. “We anticipate significant pre-leasing on our ground-up, big box, institutional-quality industrial facilities, which enables us to modify the spec space to suit tenant needs in real time.”
Glenstar and capital partner Creek Lane Capital's new warehouse park will total five buildings and encompass 3.6 million square feet at the intersection of Hyatt Street/SC Highway 105 and the I-85 corridor, an area of rapid growth. Called Building 2, the first warehouse is expected to be complete in spring 2024.
Warehouses at CCC 85 are being built on a speculative basis with pre-leasing underway. Building 2 will also have a cross-dock orientation, 40-foot clear heights, up to 232 dock doors, four drive-in doors and parking for 452 trailers and 540 cars. Next to break ground will be Building 4, which will have a rear-load orientation, 36-foot clear heights, 56 dock doors, two drive-in doors and parking for 132 trailers and 324 cars.
“Due to CCC 85’s massive scope and ideal location, tenants can choose from a range of mid- to bulk-size, best-in-class industrial space adjacent to the I-85 corridor, which is one of the most critical supply chain links in the Southeast,” said Glenstar Principal Brian Netzky. “The ample space also allows for flexibility to accommodate up to 1.7 million square feet under one roof.”
CCC 85 is conveniently located 33 miles from the BMW Group Plant Spartanburg, 38 miles from Inland Port Greer in upstate South Carolina, and 50 miles west of Charlotte, N.C. From CCC 85, tenants can reach 100 million consumers within a one-day drive. Tenants and owner/occupiers will also have access to Tier-3 incentives to further maximize ROI.
Ware Malcomb has been selected as the architect for Cherokee Commerce Center 85, while The Conlan Company will serve as general contractor and SeamonWhiteside will provide civil engineering services. The industrial space will be leased by Colliers.
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