As demand for industrial space heats up, a Charlotte developer has started construction on another industrial building in southern Wake County.
Beacon Partners started construction on a 115,831-square-foot class A industrial building in Garner near its Beacon Commerce Park and Interstate 40. Beacon Partners Triangle Market Leader and Partner Walker Gorham said while there are no tenants signed on yet, the company is in negotiations with several prospective tenants.
“We have a lot of conviction about the pent-up demand for infill distribution space along the I-40 corridor in Garner,” Gorham said. “We have also been intentional about developing a differentiated product at 2000 Citation Drive, with only a 180’ building depth, which we believe will be well received by smaller users targeting approximately 20,000 square feet within the submarket.”
The project at 2000 Citation Drive will have 30-foot clear heights, 180-foot building depth and full concrete truck courts. It will feature smaller spaces starting at 9,500 square feet, therefore allowing for multiple, smaller tenants.
The construction should be complete in the fourth quarter. Gorham said the company cannot disclose the project cost, but that it is being funded internally by Beacon Partners and with a construction loan from Atlantic Union Bank.
Gorham said this is a separate project from its Beacon Commerce Park on Jones Sausage Road, which is on the other side of Interstate 40 from this project. The company isn’t concerned about filling what will now be over 700,000 square feet of industrial space in this corridor of Garner. It’s under-construction third building in Beacon Commerce Park that totals 260,700 square feet is already 90 percent preleased.
While the address will be 2000 Citation Drive, the address according to Wake County GIS is 3853 Auburn Church Road. It is 11 acres that are forested. Beacon Partners acquired the land for $1.797 million in February.
Garner has become a hotspot for industrial space lately. In addition to 2000 Citation Drive and Beacon Commerce Park, a 625,000-square-foot light industrial building is planned for near White Oak Crossing shopping center.
Ann-Stewart Patterson and Austin Nagy of CBRE Raleigh are handling leasing. The project team also includes general contractor Choate Construction, Merriman Schmitt Architects and Advanced Civil Design. This is the same team of companies that Beacon is using on its Beacon Commerce Park.