Construction underway on 500,000-square-foot speculative industrial facility at Reedy Fork Logistics Center
State-of-the-art building will deliver in Q4 2022
JLL today announces the start of construction on a 500,000-square-foot speculative building at Reedy Fork Logistics Center, a multi-building industrial campus in Greensboro, North Carolina. JLL Managing Director Jordan Quinn, Vice President Spencer Yorke and Associate Broker Natalie Ceva are managing marketing and leasing efforts on behalf of the owner, SL Industrial Partners.
Reedy Fork Logistics Center is a master-planned industrial campus featuring two parcel pads for build-to-suit and speculative development with blocks of a minimum of 111,600 square feet. The 500,000-square-foot speculative building will deliver in Q4 2022 and is available for lease. SL Industrial Partners is simultaneously developing an 800,000-square-foot facility at the site, which is fully leased and delivering in Q3 2022.
“Reedy Fork Logistics Center creates the opportunity for large-scale logistics users to take advantage of high-quality, speculative space in Greensboro’s rapidly growing industrial market,” said JLL’s Quinn. “The pandemic has accelerated the demand for large blocks of well-located distribution space, and with the sector showing no signs of slowing down, we’re confident that Reedy Fork Logistics Center will be a top choice for prospective tenants looking to expand or establish an East Coast footprint.”
The state-of-the-art campus is strategically located off Route 29 within Greensboro’s rapidly growing industrial market, and is 100 miles from Charlotte and Raleigh-Durham. By Q3 2022, the city will have completed significant infrastructure improvements that will enhance accessibility to and from Reedy Fork Logistics Center, such as the Highway 29 interchange and the Greensboro Urban Loop. Greensboro is home to 570 manufacturing firms and 339 transportation and warehouse firms. The presence of these top companies has contributed to the area’s strong labor pool and growing population.
SL Industrial Partners is a division of the Silverman Group who oversees industrial leasing and development projects throughout the United States. This division of the Silverman Group currently owns and manages 20 million square feet of industrial product across 20 states. The prominent development team is currently underway with 12 million square feet of new product across 8 states, including both build to suit and speculative opportunities available in emerging industrial markets such as Windsor CT, Charlotte & Greensboro NC, Charleston SC, Atlanta GA as well as South Florida.
“Given the increase in demand and leasing activity, we’re committed to identifying industrial development opportunities in emerging markets like Greensboro that are equipped with excellent regional access and a talented labor pool,” said Toby Nelson, Vice President of Leasing for SL Industrial Partners. “JLL has a demonstrated track record in the market, and we’re confident that its team has the skills and experience needed to effectively market the strategic advantages at Reedy Fork Logistics Center.”
According to JLL’s Q3 Charlotte Industrial Insight, logistics companies accounted for over 1.2 million square feet in leasing activity last quarter, with 15 million square feet poised to deliver between 2022 and 2024. Despite global supply chain disruptions, Charlotte’s outlying counties are continuing to attract attention as construction activity and rental rates increase. The high demand for e-commerce and distribution centers coupled with the region’s steady population growth makes submarkets such as Greensboro a prime location for tenants and investors.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.