Lovett Industrial, the Houston-based real estate investment firm, recently broke ground on Orr Road Business Center, an urban infill 21.7-acre development consisting of 282,000 square feet spread across two Class A industrial buildings in the North Graham submarket of Charlotte, NC.
Located on Orr Rd, just northeast of Downtown Charlotte, and within 1.5 miles of the Old Concord Road light rail station, the Orr Road Business Center represents one of the last remaining true infill development opportunities within the Charlotte market. The property will feature two (2) Class A multi-tenant rear-load buildings designed to cater to tenants ranging from 30,000 square feet to 156,000 square feet. It will be the highest quality, most functional industrial warehouse product within the submarket. The total square footage will be 156,000 and 126,000 square feet, respectively, with 32-foot clear heights, 6-inch reinforced concrete slabs, 180-foot truck courts, 60 loading doors in total (30 at each building), two drive-in doors each, and office finishes to suit.
“The Charlotte MSA continues to perform well as a top-tier industrial market, and Orr Road Business Center is a great representation of the qualities we focus on when considering new development projects,” said Madison Jones, Director with Lovett Industrial. “At a national level, Lovett is extremely focused on identifying infill sites where we can deliver high-quality buildings within the high barrier-to-entry submarkets. This project is unique within the North Graham sub-market, being new vintage, modern clear height, Class A construction while offering small to medium size suites to users focused on serving the local consumer.”
“We are thrilled to bring this exciting new development project to a submarket in dire need of small bay, Class A industrial space. Lovett brings a top-flight product to a much-needed sector in our market,” said Chris Skibinski, Managing Director of Avison Young’s Charlotte office.
Marketing and leasing efforts for Orr Road Business Center will be exclusively handled by Henry Lobb and Abby Rights of Avison Young, along with Chris Skibinski providing capital markets strategic advisory services. Construction financing is being provided by Wintrust. Edifice is the General Contractor, Merriman Schmitt Architects is the lead architect, and Oak Engineering is serving as the project’s civil engineer.
