West draws 1 more distribution center

AirPark West will benefit from I-485, proximity to airport

By DOUG SMITH

Charlotte's westside has two of Mecklenburg County's biggest economic development magnets: Charlotte/Douglas International Airport and Interstate 485.

So it's no surprise that yet another distribution park is coming out of the ground within earshot of the runways.

Crescent Resources has started grading for roads and utility lines at AirPark West, which ultimately will include 750,000 square feet of light distribution, warehouse and office space on Sam Wilson Road near Interstate85.

The nation's economic slowdown is causing leasing activity to slow in Charlotte's industrial and commercial real estate market, but distribution is one of the bright spots.

With the city's excellent interstate access, delivery trucks can reach 60percent of the country's population within 24 hours.

Throw in the airport's growth as a hub and the I-85 interchange with I-485, due to open late 2003, and you have a distribution hotspot.

Earlier this week, Coldwell Banker Commercial outlined plans for 100-acre Beltway Business Park, under construction on Performance Road off Sam Wilson Road.

Crescent decided to start its park now, said Larry Wilson, regional vice president, because potential tenants were expressing interest.

Grading also is under way at this site, for its first building - about 200,000 square feet. The site will be ready for construction by early next year, Wilson said.

Crescent also will build facilities to the specifications of tenants at AirPark West.

Crescent, which was formed 30 years ago by Duke Energy, has developed more than 6.5million square feet of commercial space in the Charlotte area.

Doug Smith's Notebook

The multitenant warehouse vacancy rate in Mecklenburg County increased to 14.3percent in the third quarter, from 10.9percent in the second, says Karnes Research Co. in its latest market survey.

The vacancy rate for office-warehouse flex space rose to 14.4percent, from 12.1percent in July.

Those statistics, Karnes said, indicate the economic slowdown is affecting the industrial market more than the office market in Charlotte. The third-quarter office vacancy rate rose to 11.1percent, from 10.8percent in the second.

The Davidson Clinic will occupy about a third (12,000 square feet) of Davidson/30, Harris Associates new professional building at Interstate77, Exit 30, in Davidson.

The building was dedicated this week at a ceremony recognizing the first tenant.

Big Lots, which sells closeout merchandise ranging from housewares to toys, plans to open a new store Nov.28 in the old A&P space at Matthews Festival, a 127,300-square-foot shopping center on East Independence Boulevard at N.C.51.