Crescent Communities and Sumitomo Forestry America, Inc. Announce New Manufacturing and Distribution Project in North Carolina
CHARLOTTE, NC (December 15, 2022) – Crescent Communities, a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities, is pleased to announce a build-to-suit project by its AXIAL industrial brand of a state-of-the-art manufacturing and distribution development for Sumitomo Forestry America, Inc (Sumitomo Forestry) in Archdale, NC. The 120,000 square foot project on the I-85 corridor will serve as a component manufacturing and distribution operation, producing building materials such as roof trusses, floor trusses, and wall panels used in residential housing and wooden commercial and multifamily buildings. Crescent Communities purchased the land earlier this month, with plans to break ground in January 2023.
“We are honored to partner with the city of Archdale and Randolph County to develop this important build-to-suit manufacturing and distribution project for Sumitomo Forestry,” said Brendan Pierce, President of Commercial at Crescent Communities. “We look forward to working with local and state partners on this project, which will have a significant and positive impact on the local community. Crescent Communities has deep roots in the state of North Carolina, and the development of this project underscores our company’s commitment to the growth and success of the area.”
Sumitomo Forestry America, Inc. is a wholly owned subsidiary of Sumitomo Forestry Co., Ltd. (Sumitomo Forestry Group), a Nikkei-listed forestry company founded in 1691 and headquartered in Tokyo, Japan. Sumitomo Forestry Group has accumulated technologies and expertise related to wood and wood products over its many years in business, and one of the company’s major lines of business is housing and construction. In 2018, Sumitomo Forestry Group officially acquired Crescent Communities. Its industrial brand, AXIAL by Crescent Communities, will act as the developer and owner of the Archdale project.
“We look forward to partnering with North Carolina on the development of this project, which will not only help builders and developers with supply chain needs but will also contribute to the local economy and community,” said Atsushi Iwasaki, President of Sumitomo Forestry America, Inc. “Randolph County, North Carolina offers the ideal conditions for our investment, including infrastructure, a skilled workforce, and a favorable business climate. We greatly appreciate the community’s warm welcome and will continue to share updates as the project progresses.”
More broadly, the manufacturing and distribution operations of the Archdale project are expected to employ approximately 129 people by 2027. AXIAL by Crescent Communities and Sumitomo Forestry plan to invest approximately $19.5 million into the development of the project, with approximately 120,000 square feet of manufacturing and distribution space. The project will ultimately be served by rail.
The project will be facilitated in part by a variety of state development grants and training funds as well as local incentives from the city and county. In addition to the North Carolina Department of Commerce and the Economic Development Partnership of N.C., other key partners on this project are the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Department of Transportation, the GoldenLEAF Foundation, Randolph County, the Randolph County Economic Development Corporation, and the City of Archdale.
Crescent Communities continues to experience significant growth with $7.2 billion of residential and commercial investments and developments currently under construction, in operations, and in planning, including 15,300 units of multifamily / single family build-to-rent, 58,000 square feet of complementary retail, and 7.5 million square feet of office, industrial, and life sciences space. With a focus on environmental sustainability and wellness, the organization pursues certifications including LEED, National Green Building Standard (NGBS), Fitwel, and WELL.
Renderings can be found here, and additional information will be announced at a later date.
About Crescent Communities:
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 83 multifamily communities, 24 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities. Our industrial developments are branded AXIAL by Crescent Communities and our life science developments are branded THE YIELD by Crescent Communities.
About Sumitomo Forestry Group:
The Sumitomo Forestry Group oversees businesses centered on wood in Japan and overseas, ranging from; forest management, to the procurement and manufacturing of timber and building materials, wood construction, and wood biomass power generation. Through Sumitomo Forestry’s wood cycle of harvesting and processing, using, recycling, and planting trees, it is possible to increase the CO2 absorption amount of forests in order to store carbon for long periods by using timber. As a partner of the global shift toward decarbonization, the Sumitomo Forestry Group will provide unique wood solutions and contribute toward the realization of a sustainable society.