Black Creek Group, a Denver-based real estate investment manager and development firm, has purchased 56.4 acres to develop Creekside Commerce Center, comprised of four industrial distribution facilities, located in Charlotte, North Carolina. This is the company’s first development in the Charlotte market. Financial terms were not disclosed.
“The acquisition of one of the few remaining large in-fill land parcels in Charlotte’s premier submarket is an excellent opportunity for Black Creek Group to strategically build its footprint within the region as well as capitalize on the robust demand we are seeing within the Southwest submarket,” said Matt Breaux, senior vice president for the Southeast region at Black Creek Group.
The four buildings will total 621,000 square feet and range in size from 58,000 to 223,000 square feet. Creekside Commerce Center provides access to I-77 and I-485 and is close to I-85 and Charlotte Douglas International Airport.
Construction will begin in the second quarter of 2019 and is scheduled to be complete by the end of 2019.
Black Creek Group is a real estate investment management and development firm that manages investment offerings across the spectrum of commercial real estate – including office, industrial, retail and multifamily. The company’s investment programs include the Black Creek Diversified Property Fund, Black Creek Industrial REIT IV, and Industrial Property Trust. The firm has bought or built over $18 billion of investments over its 25-year history.