A Florida-based developer is planning to build a major new light industrial project at Bryton Town Center in Huntersville.
A joint venture of Foundry Commercial and PGIM Real Estate, affiliated with Prudential Financial, bought 48 acres for $5.6 million in a deal that closed last week, real estate records show. The company plans to build a 700,000 square foot industrial development totaling six buildings.
The site is off Hambright Road, in the northeast portion of the Interstate 77/485 interchange. The buildings don’t have any tenants yet, but Foundry executives said they expect the development to draw light assembly and manufacturing, research and development or homebuilding industry users.
The market for industrial space is tight in Charlotte, driving Foundry’s interest.
“With virtually no major deliveries in the last 10 years, tightening vacancy and increasing rental rates, we believe there is pent-up demand from both existing and new to market users,” said Bill Simerville, managing director and principal of development and investments in Foundry Commercial’s Charlotte office.
Construction on the first of two phases is expected to start in early 2018. Bryton Town Center is ultimately expected to include up to a million square feet of retail space and a million square feet of additional commercial space, in addition to thousands of new houses and apartments.