November 6, 2018
“Carolina Tradeport” Expanding to Fill Market Void of Light Industrial Product
CONCORD, N.C. – Nov. 6, 2018 – Griffin Industrial Realty, Inc. (“Griffin” or the “Company”), an owner, operator, and developer of industrial and commercial real estate, held a groundbreaking ceremony with the Cabarrus Regional Chamber of Commerce, Cabarrus Economic Development, Cabarrus County and City of Concord, for two new buildings in its Carolina Tradeport industrial park.
Located at the intersection of Poplar Tent Road and International Drive in the heart of Concord, 160 and 180 International Drive are Class A industrial buildings totaling 283,000 square feet. The new buildings finish the build-out of Griffin’s newly branded Carolina Tradeport– a three-building industrial park totaling approximately 560,000 SF of warehouse/flex buildings. Griffin recently acquired the 22 acres of land for the two new buildings which will be located directly across from 215 International Drive, a 277,252 square foot building Griffin purchased in June of 2017. Griffin expects the two new buildings to be delivered in late Spring 2019.
“We appreciate the Cabarrus Regional Chamber, Cabarrus Economic Development, City of Concord, and the community for being part of today’s groundbreaking ceremony. We are excited to expand Carolina Tradeport, to break ground simultaneously on these two buildings and to provide our future tenants with modern spaces and convenient access to greater Charlotte,” said Michael Gamzon, president and CEO of Griffin. “We are committed to offering both large and small tenants ultimate flexibility and value while designing Carolina Tradeport to fill a Class A void in the Concord submarket for shallow-bay, light industrial product with clear heights of 32 feet and 36 feet.”
160 International Drive is a 147,000 square foot, rear-loaded, Class A industrial building featuring tilt-wall construction, 210’ depth, 50’ by 50’ column spacing with a 60’ speed bay and 32’ clear height. Building features include an ESFR sprinkler system, up to 43 loading docks, 2 drive-in doors, and 134 parking spots. 180 International Drive is a 136,000 SF building with similar features to 160 International, but with 36’ clear height, 54’ x 50’ column spacing (with a 60‘ speed bay), up to 36 loading docks, 2 drive-in doors, and 135 parking spaces. The site also has 36 excess trailer parking spaces. The general contractor for 160 and 180 International Drive is Myers & Chapman.
Trinity Partners’ William Maxwell and Terry Brennan are responsible for leasing Carolina Tradeport on behalf of Griffin. Trinity Partners also manages the park.
“Carolina Tradeport’s design, size, and location meet the operational needs of warehousing and light manufacturing companies that are looking for facilities under 200,000 square feet with easy access to I-85,” said Maxwell, a broker of industrial property services at Trinity Partners. “The two different clear height options of 32’ or 36’ provide users racking capacity that is very hard to find in buildings of this size. We expect Carolina Tradeport to see plenty of demand from companies looking for office/warehouse facilities sized between 40,000 square feet and 147,000 square feet.”
Griffin’s history dates to the early 1900s and the company is known for its long history of land ownership, real estate development, and property management. Griffin’s acquisition and development strategy focuses on flexible, modern warehouse and light industrial buildings in growing markets like the Charlotte / Concord region. Griffin has a successful track record of developing both speculative and build-to-suit projects. The Company’s portfolio features 4.1 million square feet of industrial and commercial buildings and more than 4,300 acres of land holdings.
“We are attracted to the Charlotte area and the greater Southeast region for both its population and economic growth,” said Tim Bassett, Director of Acquisitions at Griffin. “Charlotte not only has diversified its economy over the last decade, but also invested in its infrastructure to absorb the recent influx of jobs and talent and allow for the easy transportation of goods by road, rail and air. These factors have led to both an increase in local consumption and regional distribution reach, directly resulting in significant demand for warehouse and distribution space.”
About Griffin Industrial Realty
Griffin is a real estate business principally engaged in developing, managing and leasing industrial/warehouse properties and, to a lesser extent, office/flex properties. Griffin seeks to add to its industrial/warehouse property portfolio through the acquisition and development of land or purchase of buildings in select markets targeted by Griffin. As of October 31, 2018, Griffin owned approximately 4.1 million square feet across 37 buildings located in three markets: Connecticut, Pennsylvania, and North Carolina. In addition to its Carolina Tradeport holdings, major developments include New England Tradeport and Griffin Center Office Park, located in Connecticut, and Lehigh Valley Tradeport I and II, located in Pennsylvania. For more information, visit http://www.griffinindustrial.com/.
About Trinity Partners
Known for its entrepreneurial spirit and best-in-class performance, Trinity Partners is a full-service commercial real estate firm serving corporate users and institutional owners throughout the United States. It specializes in ten service lines ranging from landlord and tenant representation to property management and investment sales. Its team of commercial real estate professionals are directly responsible for the company’s success and collaborative culture. Trinity Partners currently leases and/or manages over 20 million square feet of office, industrial, mixed-use, and retail space across the region through its three offices in Charlotte and Raleigh, N.C., and Greenville, S.C. For more information, visit http://www.trinity-partners.com/.
Griffin Industrial Realty