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Sealed Air and Spectra Group Bring 1,500 Jobs to Charlotte

25 Jul 2014, 11:02 pm

By Eliza Theiss, Associate Editor

Gov. Pat McCrory, NC Commerce Secretary Sharon Decker and Sealed Air Corporation officials

North Carolina Governor Pat McCrory and North Carolina Commerce Secretary Sharon Decker recently made two major announcements concerning Charlotte’s job market, which will grow by over 1,500 positions thanks to a corporate relocation and an expansion.

The biggest impact will be made by Sealed Air Corporation, a Fortune 500 company which will be relocating its corporate headquarters to Mecklenburg County in the Charlotte, N.C. area. The company, which boasted $7.7 billion revenues in 2013, will create 1,262 jobs in Charlotte by the end of 2017. Sealed Airs’ annual average salary will be $119,482, more than double the Mecklenburg County average salary, which currently stands at $59,046.

Sealed Air will relocate its Elmwood, N.J. corporate headquarters to Charlotte, as well as parts or the whole of its facilities in Saddle Brook, N.J., Danbury, Conn., Racine Wis. and Duncan and Greenville, S.C. Sealed Air will invest $58 million through a long-term lease with a third-party developer who will build a new headquarters tailored to company needs.

Sealed Air will benefit from several incentives, such as a state Job Development Investment Grant (JDIG) program award that could add up to $36.7 million in tax rebates over the course of 12 years. One North Carolina Fund is also granting a performance-based award of $2.5 million.

Although carrying a smaller economical footprint, Spectra Group Inc. is also making a splash in Charlotte’s job market with the addition of 250 new financial services jobs. Also hailing from New Jersey, Spectra Group’s first Charlotte location will add 250 jobs by the end of 2018 with above-average salaries of $84,996. The company will also benefit from a JDIG grant that could produce aggregate benefits of up to $2.9 million over the course of 12 years.

Charlotte will become Spectra’s financial services delivery center. No information has been released regarding where Spectra will locate its Charlotte operations.

Image courtesy of Gov. Pat McCrory via Facebook

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Jones Lang LaSalle Income Property Trust Pays $25.5M for Charlotte Distribution Center

11 Jul 2014, 9:01 pm

By Eliza Theiss, Associate Editor

LaSalle Investment Management announced that Jones Lang LaSalle Income Property Trust Inc. has purchased the 346,500-square-foot Charlotte Distribution Center in Charlotte, N.C. for $25.5 million.

The REIT estimates a 6 percent capitalization rate based on the purchase price. The property is fully leased to Greenville, S.C.-based Michelin North America on 14-year term featuring 2.25 percent annual rental increased.  According to the Charlotte Business Journal, Michelin signed the lease for the Twin Lakes Business Park property in September 2013, meaning that there’s still over 13 years left on its term. The warehouse was previously leased by Ingersoll Rand, which vacated in spring 2013. The property was previously owned by Beacon Partners who purchased it from California-based LLC Kendall-Charlotte for $11.4 million, as reported by the Charlotte Business Journal.

This newest purchase offers the Jones Lang LaSalle Income Property Trust stable cash flow, geographic diversification of the portfolio and increased exposure on the eastern seaboard. “Our strategy remains to further grow and diversify the portfolio in terms of tenant mix, property type and geographic location,” said President and CEO of Jones Lang LaSalle Income Property Trust Allan Swaringen.” The purchase of Charlotte Distribution Center has brought the REIT’s total portfolio value to over the $900 million benchmark. Of this, five high-quality core properties worth in excess of $135 million were acquired in first six months of 2014.

Jones Lang LaSalle Income Property Trust is an institutionally-managed, non-listed, daily valuated REIT.

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Image courtesy of Beacon Partners

Crescent Communities Launches 320-Unit Luxury Apartments in 63-Acre Mixed-Use Development

27 Jun 2014, 9:50 pm

By Eliza Theiss, Associate Editor

Crescent Alexander Village, Crescent Communities’ 320-unit luxury apartment complex has opened in Charlotte, announced the developer.

The company’s latest project to complete in the Charlotte Metropolitan Area represents phase one of an ambitious 63-acre mixed-use development currently in the works at University Research Park. As previously reported, further phases will include 250,000 square feet of office space, a hotel and up to 75,000 square feet of retail.

The now completed Senator Royall Drive community is the work of architects The Preston Partnership. LandDesign is contracted as civil engineer and landscape architect. Construction loans issued by Regions Bank financed the development, which is now managed by Riverstone.

Crescent Alexander Village is a registered member of the Audubon International Signature Program and is pursuing Certified Signature Sanctuary status. The community is also NGBS Green Registered, featuring an extensive array of sustainable features such as Energy Star kitchen appliances and windows, efficient water fixtures, low voltage exterior lighting, recycling valet service, water-preserving plants used in landscaping and complimentary bicycles. Sustainability was implemented at Crescent Alexander Village since development, extensively using locally sourced and recycled materials. Furthermore, Crescent Communities contracted Sawmills Ltd., a North Carolina century-designated farm to reclaim timber from the project site. Wood and materials sourced onsite were incorporated into the design and construction of indoor community areas and the dog park.

Community amenities include a resort-style saltwater pool with sundeck and lounge area, outdoor yoga lawn, outdoor kitchen and fire pit, fitness center with dedicated crossfit workout area,  Starbucks coffee bar, community house with business center, catering kitchen, gaming area and private clubroom, garages and storage units, car care center, large wooded dog park and a pond with walking trail.

Crescent Alexander Village comprises 320 one-, two- and three-bedroom units ranging between 781 and 1,399 square feet. Rents range between $890 and $1,390 per month. Units are outfitted with stainless steel appliances, chef-inspired kitchens, walk-in closets and soaking tubs. Among the units are also eight cottage residences that evoke the style of Crescent’s signature Palmetto Bluff resort.

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Image courtesy of Crescent Alexander Village via Facebook

Lash Group Plans to Locate New, 250,000-Sq.-Ft., Headquarters in Charlotte Metro

20 Jun 2014, 8:16 pm

By Eliza Theiss, Associate Editor

Lash Group Inc. has announced plans to develop a new national headquarters to accommodate rapid growth and consolidate operations. The new HQ will be located in the Charlotte Metro town of Fort Mill, S.C. JLL is assisting Lash Group with the relocation.

A AmerisourceBergen Corp. subsidiary, Lash Group has teamed up with Childress Klein Properties and The Springs Co. for the 250,000-square-foot Class A office building. The building will be located in Fort Mill’s Kingsley North business park.

The company will initially invest $57.3 million to develop the new location. The figure includes a long-term lease commitment. According to the South Carolina Department of Commerce, the company’s total investment could go up to $90 million within a few years, and include a second phase with a second building. The South Carolina Coordinating Council for Economic development approved a $2 million set aside grant and job development credits for the project.

Lash Group is expected to take occupancy of the initial 250,000 square feet in March 2016, when it will employ 1,200 current and new workers.  The company will keep around 600 employees in Charlotte through 2019, reported the Fort Mill Times. Based on the company’s current growth projections, the Fort Mill workforce will double to 2,400 associates within a few years.

The new Fort Mill campus will be located in the 530-acre undeveloped Kingsley office park, which features seamless accessibility to I-77 and Highway 160 and is only 11 miles away from Charlotte Douglas International Airport. Kingsley is also within Clear Springs, the region’s largest mixed-use community. Existing and planned amenities at Kingsley include hotels, restaurants and a mix of service providers, as well as the nearby 2,100-acre Anne Spring Close Greenway, ideal for health, wellness and corporate events.

Another company that just announced it will establish a presence in Kingsley is LPL Financial LLC, a subsidiary of LPL Financial Holdings Inc. The largest independent broker/dealer in the U.S is set to break ground in 2015 on a new regional headquarters that will complete by fall 2016. The new corporate office will include amenities such as a health and fitness center, onsite eatery and environmentally conscious features.

LPL will invest $150 million in the new facility through 2022 and create 3,000 jobs, having designated the greater Charlotte region as its primary job growth destination in the following five years.

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Images courtesy of South Carolina Governor Nikki Haley via Facebook

East Charlotte Could See Development of $65M Sports Complex

13 Jun 2014, 10:37 pm

By Eliza Theiss, Associate Editor

Bojangles Coliseum

Bojangles Coliseum and its surrounding area could be redeveloped into a $65 million amateur sports complex, pending city council approval, reported wcnc.com.

If approved, the developer GoodSports would break ground to build a big field house, a 150-key hotel and a renovation of Bojangles Coliseum before the year is out and finish by 2016.

GoodSports would invest $40 million, while $25 million would be covered by the City of Charlotte, a significant portion of which would fund the construction of the field house and parking. Around $12 million, sourced from hospitality taxes, would be used to renovate Bonjangles Stadium, including new seating, scoreboard, electrical systems and roof repairs.

The redevelopment of Bojangles into an indoor amateur sports complex was approved by Charlotte City Council a year ago, with $25 million being the reported cost. According to wsoctv.com’s coverage at the time, planned work on Bojangles included scaling back seating from 11,000 to 7,000 spots, which would be enough to cater to graduation and various entertainment events, as well as sports such as volleyball, basketball and indoor track. The $25 million project was reported to incorporate adjacent Ovens Auditorium, which would also be renovated and would include banquet halls and a smaller auditorium.

According to a recent report by The Charlotte Observer, the city could provide the project with $18 million in upfront money, a sum that was included in 2013’s $816 million capital spending program. The city could also lease a parking lot adjacent to Ovens Audtorium to GoodSports for nominal fee of $1 per year.  The city recently also purchased the Econo Lodge hotel adjacent to Ovens Auditorium for $3.5 million. Although not considered a problem-property, the hotel is slated for demolition to make way for parking for GoodSport’s future hotel.

According to The Charlotte Observer, Sarasota, Fla.-based GoodSports, whose parent company is hotel developer Focus, is pursuing similar projects in Columbus, Ohio, St. Louis, Missouri and Wichita, Kansas, where it will also benefit from city funding.

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Image courtesy of James Willamor via Wikimedia Commons


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