A developer based in the Charlotte region recently completed the first building at a new industrial park. And more activity there could be coming soon.
Concord-based Fortius Capital Partners is behind Meadows Corporate Park in Concord. The firm completed a 112,000-square-foot industrial building at Meadows in October 2020. It will be the first of three buildings at the industrial park, which will total more than 250,000 square feet of industrial space upon full buildout.
The first building, which is referred to as Building A, has secured three tenants already in Mitsubishi, KW International and State Electric Supply Co. Harris Morrison, managing partner for Fortius, said a fourth and final tenant is close to signing. Once that happens, the firm will move forward with a second building at the park.
Morrison said he is confident in the site in part because of its proximity to Interstate 85. The industrial park is located just off Pitts School Road and Poplar Tent Road, very close to Exit 52 of I-85. It is also near Concord-Padgett Regional Airport. That access makes it a desirable location, Morrison said.
Fortius purchased the land for Meadows in 2018 for $1.65 million, Cabarrus County real estate records show.
“We just see Cabarrus County as a tremendous market with a lot of potential,” Morrison said. “And we are based here in Concord and we want to do things in our own backyard.”
The second building at Meadows will be around 80,000 square feet, Morrison said. Fortius also has plans for a third building, which would be a build-to-suit project for a single tenant at around 60,000 square feet.
Fortius’ project comes at a time when many developers are seeking to build bigger industrial buildings in the Charlotte market. Morrison said he sees an opportunity in pursuing industrial tenants in the 16,000- to 40,000-square-foot range.
“We are trying to differentiate ourselves from a lot of the other projects that are going up and have some competitive advantages in the medium-sized tenant market,” Morrison said. “We feel like we can carve out a niche for ourselves in that size range.”
New Branch Real Estate Advisors, an affiliate company of Fortius, is handling property management for Meadows. New Branch recently hired Will Henderson as director of property management, and he will take over the management of Meadows. CBRE’s Anne Johnson and Bryan Crutcher are handling leasing for Meadows.