CRG Completes 1.3 Million-Square-Foot Distribution Center
CHICAGO, Jan. 23, 2020 /PRNewswire/ -- CRG, national real estate development and investment firm, announced today the successful completion, lease commencement and sale of a 1,318,680 square foot logistics facility located at The Cubes at Inland 85 in Duncan, SC. The development, originally a 500,280 square foot speculative warehouse, was expanded to accommodate a Fortune 500 investment grade tenant. An affiliate of Lexington Realty Trust acquired ownership of the property upon lease commencement.
The new facility is the first vertical project at The Cubes at Inland 85. The 324-acre industrial park is strategically located between Greenville and Spartanburg, SC, near the GSP Airport, I-85, and less than 2 miles from the Inland Port in Greer, SC.
"This project is an amazing example of our integrated delivery model and the value we can bring Fortune 500 clients," said Shawn Clark, President of CRG. "Our ability to provide design, construction and development services allowed CRG to react quickly and accommodate our client's requirement."
The expanded building - designed by Lamar Johnson Collaborative (LJC) and built by Clayco - features a cross dock configuration with 36' clear heights, an ESFR sprinkler system and ample trailer storage and car parks associated with state-of-the-art logistics facilities. CRG recently began the development of a second project at The Cubes at Inland 85 consisting of 504,060 square feet expandable to 1,341,060 square feet.
"The project benefits from great access to major transportation which we know is more important than ever as e-commerce providers are striving to meet the growing consumer demands for quick delivery," said Mike Demperio, Partner and Senior Vice President of the Southeast Region at CRG. "Additionally, the Greenville area is a very attractive investment market because of the strong labor force."
The Cubes at Inland 85 is represented by Garrett Scott, SIOR, John Montgomery, and Brockton Hall at Colliers International. Steve Grable, SIOR, and Chris Tomasulo of JLL represented the Tenant. CRG partnered with Esmael Hill of The Net Lease Group to lead the disposition of the asset.
CRG, Clayco's real estate arm, develops high-quality real estate projects throughout North America. The company primarily focuses on industrial properties, corporate headquarters, data centers and multifamily development projects. The company recently developed a 1 million-square-foot speculative project at The Cubes at Bridgeport in Atlanta, GA, a 1.2 million-square-foot facility for Kohl's at The Cubes at Etna 70 in Columbus, OH and a 750,000 SF speculative project that was leased to Kimberly-Clark at The Cubes at Dupont in Seattle, WA.
The transaction came at a time when tenant demand for modern logistics facilities is at an all-time high and consumer demand to purchase goods online is driving e-commerce globally, while supply of such properties is constrained in most major markets. Retailers are demanding industrial facilities that can accommodate the latest automation technologies and properties that can accommodate increased trailer storage and car park requirements to compete in today's logistics environment, all things CRG can deliver.
About CRG
CRG is a privately held real estate development firm that has developed more than 8,000 acres of land and delivered over 187 million square feet of commercial, industrial, institutional and multifamily assets exceeding $11 billion in value. CRG, headquartered in St. Louis, leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Columbus, Newport Beach, CA and Philadelphia. CRG's philosophy of developing for the future and anticipating the enhanced needs of next generation users led to the creation of their industrial brand, The Cubes, and their multifamily brand, Chapter. For more information, visit CRG's website at www.realcrg.com
About The Cubes
The Cubes is a North American industrial brand owned and developed by CRG. The Cubes represents CRG's philosophy of developing for the future and anticipating the enhanced needs of tomorrow's modern industrial user. The Cubes are designed with an emphasis on sustainability, and implement state-of-the-art specifications, including maximum clear heights, dock doors and trailer storage to keep pace with the shift to consumer-centric logistic strategies. The Cubes are located on strategic sites that take into consideration both logistics and labor supply, always with the end user in mind.
About Clayco
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely delivers clients across North America the highest quality solutions on time, on budget, and above and beyond expectations. With $2.6 billion in revenue for 2018, Clayco specializes in the "art and science of building," providing fast track, efficient solutions for industrial, commercial, institutional and residential related building projects. For more information visit www.claycorp.com.
About Lamar Johnson Collaborative
Lamar Johnson Collaborative is a full-service design and architecture firm committed to enhancing the quality of the human experience and to improving how design and architecture can impact each individual's emotional being. By harnessing the power of integrated design, including architecture, workplace strategy, interior design, landscape architecture, urban planning and engineering, the company achieves its clients' goals and aspirations. For more information, please visit www.theljc.com.
SOURCE CRG
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