CHARLOTTE, N.C. (May 3, 2018) – Crescent Communities today announced it has formed a partnership with Gramercy Property Trust (NYSE: GPT) – a leading global investor and asset manager of industrial real estate across the United States and Europe.
The partnership will develop more than 500,000 sq. ft. of class-A industrial space on the remaining land in Crescent’s legacy Lakemont Business Park. This will round out development at Lakemont and mark the completion of a total of more than four million sq. ft. of industrial space in what is arguably the Charlotte region’s most in-demand submarket. The project will initially include two buildings totaling 300,000 sq. ft. that will start construction later this year and will be focused on manufacturing, ecommerce and distribution. The first phase is expected to deliver in 2019.
“We found in Gramercy a partner with a similar set of values, a legacy of success from coast-to-coast and whose team of consummate professionals allow us to leverage our own success in this submarket to explore new opportunities together. We look forward to starting construction later this year simultaneously on two speculative industrial buildings at the front-door of Lakemont fronting I-77,” said Brian Leary, President of Commercial and Mixed Use at Crescent Communities.
In December 2017, Stanley Black & Decker announced plans to expand its presence in the Carolinas with a 345,000 sq. ft. build-to-suit manufacturing and distribution facility in Lakemont Industrial Park that will be developed by Crescent Communities and is expected to be completed in the third quarter of 2018.
Last month, Crescent announced the sale of Lakemont East, a 201,788 sq. ft. industrial facility in Lakemont Industrial Park, to Hartz Mountain Industries, Inc.
“We have the opportunity to work across the country in the nation’s top industrial markets and are big believers in the continued success of the Carolinas – where we currently own over nine million square feet across 42 assets. This Lakemont partnership with Crescent will allow us to secure continued growth in a market we’ve had success in with a local development partner we greatly respect and who’s proven success is highly complementary to our, and our investor’s, goals,” noted Britt Winterer, Managing Director and Head of Asset Management at Gramercy Property Trust.
Lakemont Industrial Park is considered one of the top distribution locations in the Carolinas due to it being a prime site just minutes from I-77, I-485 and Charlotte Douglas International Airport.