The complex will have a 119,894-sf office-warehouse building and a 78,736-sf flex structure, both expected to be completed by September. Estimated lease rates are $3 per sf to $6 per sf.
Crescent had been looking for a site with interstate access and easy access to the airport. As the only two buildings on the site, the larger building will have about 5% to 10% office space and 24-ft ceilings. The flex building will have 50% office and 50% flex, with 18-ft ceilings.
The southwest industrial market had 500,000 sf of warehouse under construction at the end of the third quarter with another 520,700 sf proposed, according to Karnes Research Co. Despite all the new construction, absorption through the end of the third quarter was 770,000 sf, the strongest among the six industrial submarkets, Karnes shows.
The opportunity to develop more industrial space on the North Carolina side of the state line came just as Crescent is completing construction on the spec 152,000-sf Lakemont West Building VII at its Lakemont West Park. No leases have been signed to date.
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