Courtesy of Merriman Schmitt Architects

Construction is well underway on the final undeveloped site in the Pineville industrial corridor in the Charlotte metro area.

The last large-scale development there, the Pineville Distribution Center, will be a 194K SF Class-A industrial facility some 15 miles south of Charlotte, according to a Jan. 26 press release from Iconic Equities.

Iconic Equities, a Miami-based industrial real estate investment firm, led rezoning efforts for the center last year along with Shoreline Capital. Along with Iconic Overlook Ventures and LaSalle Investment Management, Iconic Equities is developing the project. 

Iconic Equities CEO Tim Bishop declined to provide details on the price tag for the development.

The 15-acre site is at 10203 Pineville Distribution St. on 15 acres in Mecklenburg County, with good access to I-485 and I-77.

The new facility will reportedly be used as a build-to-suit warehouse for distribution. Construction began in November and is expected to be completed later this year.

“Being the last available site adds scarcity value,” Bishop said in an email. “And the location is already proven, with major tenants in the nearby Carolina Logistics Park.”

The 288-acre Carolina Logistics Park features a 525K SF distribution center for Campbell Snacks and a 526K SF Amazon facility.

Beacon Properties developed the nearby logistics park, which has more than 3M SF of industrial space, and last year sold much of it amid deals totaling some $500M. 

“The Charlotte market is experiencing exceptional demand for high-quality industrial properties, fueled by population growth, e-commerce expansion, and regional manufacturing strength,” Bishop said. 

Industrial vacancy in the Charlotte metro area dropped at the end of last year to 7.5%, according to CBRE, backed by 2.3M SF of net absorption. For the year, tenants took 9.5M SF more than they vacated in the metro area.  

CBRE’s outlook for 2026 predicts a 5% year-over-year increase in national industrial leasing activity to nearly 1B SF. 

Property Markets Group, New Valley and RMWC announcing the topping off of Society Nashville, a 16-story, 502-unit mixed-use project located at 915 Division St. and set to enhance the growing neighborhood. The Gulch project, which is expected to welcome residents by the end of this year, is part of the PMG’s  Society Living multifamily platform. In 2022, it received a $162 million construction loan from Square Mile Capital, as well as $35 million in equity through CrowdStreet. 

Designed by Baker Barrios Architects, Society Nashville will include 502 residential units, approximately 8,400 square feet of retail space, and 485 parking spaces. The residential units will offer studio to three-bedroom units.  

Amenities include a pool deck, a fitness center, co-working spaces, music room, a rooftop sky deck, and more.

With over 8,500 units planned, the firm is currently developing Society Living properties in Fort Lauderdale, Orlando, Atlanta, Denver, and Brooklyn, with more projects in the pipeline.   

Koelsch Communities announced the early success of the largest campus in its portfolio – University Village – in Vancouver, Washington. Additionally, construction on its newest communities located in Bellevue nears completion, with an anticipated opening in Summer 2024.

Koelsch Construction was the general contractor for both developments, with Shearer Construction as a partner on the Belle Harbour project. The interior design of both campuses was managed by Judy Koelsch and JSK Design.

The $112 million University Village development encompasses 13 acres and features 136 suites in its independent living community, The Park at University Village, and 101 suites in its assisted living community, The Inn at University Village. Additionally, The Park has 26 cottages comprised of one-, two- and three-bedroom homes.

More than 160 miles north of Vancouver in Bellevue, construction nears completion on the $93 million Belle Harbour project, home to The Park at Belle Harbour, an assisted living community, and The Inn at Belle Harbour, a dedicated memory care community. Spanning nearly three acres, the boutique campus features 145 suites across both buildings.

Trammell Crow Company (TCC) is on target to finish construction of a $100-million-plus lab and office building in Sorrento Valley by early summer as the life science real estate market slowly recovers from a post-COVID downturn, the San Diego Business Journal reported. TCC is building the four-story building on spec, with no tenants lined up prior to construction. 

Although no leases have been signed yet, “We’re getting really good feedback from everybody in terms of the design and the layout, so it’s just a matter of time getting it filled now,” Chris Tipre, principal and San Diego market lead for TCC, told the Business Journal.

The four-story building is named Vista Sorrento Labs for its location at 10251 Vista Sorrento Pkwy. in sight of Interstate 805. It was designed by Ware Malcomb with Swinerton as the general contractor. 

Although Vista Sorrento Labs is TCC’s first life science project in San Diego County, Tipre said it won’t be the last. “We are looking on a couple of others down the street that are in pre-development,” he said.

On May 1, catch the Industry Leaders C-Suite panel at Connect Los Angeles 2024 when Bob Hart, President & CEO of TruAmerica; Kyle Matthews, Founder, Chairman & CEO of Matthews REIS; Bill Frame, CEO and Chairman of the Board of Kidder Mathews; Anthony Graziano, Chairman and CEO of IRR; and moderator Lew Horne of CBRE take the stage. Register now to hear live from these industry leaders. 

AltaBird Investments and Stonemont Financial Group have completed the Brown Thrasher Logistics Center. Located within the Belfast Commerce Park in the Savannah Metropolitan Area, the new development is comprised of 281,067 square feet of speculative, Class A industrial space.

“The Brown Thrasher Logistics Center is one of the many industrial centers that were expected to come online this year in Savannah’s booming industrial market,” said Altabird Principal and CEO Brendan Mason. “With its prime location close to the Port of Savannah, one of the busiest container gateways in the U.S., this development is poised to add remarkable value to the region.”

In addition to AltaBird Investments and Stonemont Financial Group, the Brown Thrasher Logistics Center project team consists of:

·         Hussey Gay Bell (Architecture and Civil Engineering)

·         Evans General Contractors (Construction)

·         Bill Sparks and Preston Andrews – CBRE (Leasing)

·         Trey Barry – CBRE (Capital Markets)