Foundry Commercial Acquires 48 Acres, Announces Another 700,000 Square-Foot Light Industrial Development in Charlotte
Posted on December 18, 2017
--Bryton Commerce Center will add six buildings to growing mixed-use development in Huntersville’s Bryton Town Center--
CHARLOTTE, N.C. (Dec. 18, 2017) Foundry Commercial and PGIM Real Estate have formed a joint venture to acquire 48 acres within Bryton Town Center where it will develop Bryton Commerce Center, a 700,000-square-foot light industrial project. Incorporated within the 425-acre Bryton development in Huntersville, the six-building project will deliver in two phases of three buildings each. Construction on the first phase will begin in early 2018. PGIM Real Estate is the real estate investment business of PGIM, the global investment management business of Prudential Financial (NYSE: PRU).
Located off Hambright Road in the northeast quadrant of the Interstate 77 and I-485 interchange, Bryton Commerce Center will feature 30-foot clear height ceilings, tilt-wall construction, ESFR sprinklers and an average office finish of 30 percent. Additionally, the buildings will include a glass-heavy exterior, modern architectural accents, high-end finishes and high parking ratios.
“We are thrilled at the opportunity to provide much needed institutional quality industrial product in the North submarket. With virtually no major deliveries in the last 10 years, tightening vacancy and increasing rental rates, we believe there is pent-up demand from both existing and new to market users.” says Bill Simerville, managing director and principal of development and investments in Foundry Commercial’s Charlotte office. “With the explosive population growth in Huntersville, access to a deep, highly skilled workforce is a driving factor in the corporate decision making process – Bryton Commerce Center is ideally positioned to accommodate this growth.”
Fermin Deoca and Eric Ridlehoover on Foundry Commercial’s industrial leasing team in Charlotte will be immediately marketing the project. Foundry anticipates interest from R&D users, European-based light assembly and manufacturing companies, and a likely concentration in the homebuilding industry given the proximity to Lowe’s corporate headquarters.
The Bryton Master Plan includes more than 1 million square feet of retail and 1 million square feet of corporate product to complement the existing and future multifamily and residential projects. The Interstate 77 toll lane project will create a dedicated interchange at I-77 and Hambright Road, providing direct interstate access to Bryton Commerce Center.
Bryton Commerce Center is Foundry’s third industrial development in Charlotte this year. Earlier this summer, the commercial real estate firm broke ground on WestPark 85, a 1.1 million-square-foot industrial development located in Charlotte’s Airport West submarket, and Steele Point, a 25-acre assemblage containing 370,000 square feet of industrial development in the Southwest submarket. Foundry has a total of seven industrial projects totaling more than 6 million square feet under development at this time located throughout Florida and North Carolina.
The first phase of Bryton Corporate Center is expected to be complete by the end of 2018.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 290 employees and more than 48 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control nearly $700 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2016 through a management-led buyout. For more information, visit www.foundrycommercial.com.
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About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.0 billion ($50.5 billion net) as of Sept. 30, 2017. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.