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. 

The York County Council in South Carolina voted Tuesday to approve a tax incentive deal to bring a Costco distribution center to Rock Hill near Charlotte, according to The Herald.

During the third and final reading of the ordinance and after hours of contentious debate, the vote passed.

However, the council used a legislative maneuver to find the money for the tax deal that some found dubious at best, leaving open the question of whether Costco will accept the deal in the end. 

The vote continues the saga for a development deal with Costco that was once so secretive that it was given the codename “Project Sample,” the Charlotte Business Journal reported.

Costco had imposed a deadline of Dec. 11 for the county to approve the incentive plans. 

The distribution site, slated to open in 2027 at Interstate 77 and Porter Road, would span 168 acres and service 20 Costco regional warehouse stores in the Carolinas and Georgia. The project is expected to result in 165 jobs. 

Construction would be done in two phases. The first phase would be the construction of a 541K SF distribution center. Once operational, the building would then be expanded to nearly 900K SF, the Charlotte Business Journal reported.

Panattoni Development Co. is expected to develop the site.

The York County Council debated various incentive packages to entice Costco to build its warehouse before landing on a $25M credit to offset a little more than half of the reported $44M the company would pay for public infrastructure improvements. 

According to county documents, Costco sought a $30M credit to offset these costs, the CBJ reported.

While debating how to pay for the incentive, however, the council came up with a formula that would require the city of Rock Hill and the Rock Hill School District to give back millions to the county in tax credits. The argument in favor of this is that both entities would receive more tax revenue than they lost when the distribution center is built. 

At the last minute, however, a divided council shifted more of the tax credit clawback burden to the city and away from the school district.

The deal, which the county has been discussing for months, sparked backlash and confusion.

CTO Realty Growth has purchased Ashley Park, a 559,000-square-foot retail center in Newnan, Ga., for $79.8 million. The previous owner was Apollo Global Management, which had bought it for $89.8 million in 2015, according to CommercialEdge information.

CTO John Albright said that the company acquired Ashley Park below replacement costs, adding that, with below-market rents, the asset provides an opportunity for strategic lease-up.

Ashley Park is a 60-acre shopping center at 354 Newnan Crossing Bypass, 38 miles southwest of downtown Atlanta. It receives roughly 6 million visits per year.

Dick’s Sporting Goods, Best Buy, Barnes & Noble, Regal and Dillard’s anchor the property, which was 93 percent leased at the time of sale.

CTO Realty Growth is a publicly traded real estate investment trust that owns and operates a portfolio of retail-based properties primarily in higher-growth markets in the United States.

Colliers closed a $76.725-million acquisition loan on behalf of Four Springs TEN31 Xchange to acquire a 1.1-million-square-foot industrial building fully leased to Ford Motor Company on a long-term basis. EVP Jeremy Thornton, SVPs Nicole Sayers and Andrew Gibson and VP Lauren Smyle sourced the financing. FSXchange has successfully syndicated more than $840 million of net-leased real estate through DST offerings.

Located at 14741 Laplaisance Rd., adjacent to the Interstate 75 corridor in Monroe, MI, the property was developed as a build-to-suit warehouse and logistics facility for Ford. “This acquisition represents a key milestone for Four Springs, reinforcing our commitment to expanding a diversified portfolio of net-lease properties anchored by strong, creditworthy tenants,” said CEO Coby Johnson.

Thornton added, “The completion of this loan is a green shoot in the market. We expect to see additional positive activity as the year progresses.”

Turnberry is a step closer to breaking ground on The St. Regis Nashville and The Residences at The St. Regis Nashville. The Metro planning agency voted to approve a concept plan for the project, which would be 46 stories tall. The building, which is set to be one of Nashville’s tallest, is expected to break ground in 2025. At 805 Demonbreun Street, it’s planned to consist of 179 hotel rooms, 40 furnished residences and 141 condo units.

The development will have a fine-dining restaurant, a lobby bar, a three-meal restaurant, a full-service spa and two amenity decks—one for hotel guests and one for residents. The tower will feature around 25,000 square feet of retail space and a 230-space parking garage.

The hotel is adjacent to the $250 million JW Marriott Nashville, which was also developed, owned and operated by Turnberry and opened in 2018.