Lovett Kicks Off Charlotte Industrial Project
Lake Forest Bank & Trust Co. backed the development with an $18.4 million construction loan.
Lovett Industrial has broken ground on Orr Road Business Center, an urban infill 282,000-square-foot industrial business park in Charlotte, N.C.
Edifice serves as the project’s general contractor, with Merriman Schmitt Architects having provided design services. Oak Engineering is the civil engineer and Avison Young is in charge of leasing and marketing.
Lake Forest Bank & Trust Co.—a subsidiary of Wintrust Community Bank— provided an $18.4 million construction loan set to mature in 2027, public records show.
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Spanning nearly 22 acres, Orr Road Business Center will include two multi-tenant rear-load buildings totaling 156,000 and 126,000 square feet, respectively, together with a combined 220 auto parking spaces and 60 truck parking spaces.
Each facility will feature 32-foot clear heights, 6-inch reinforced concrete slabs, 180-foot truck courts and a power capacity of 2,500 amperes, as well as 50- by 54-foot column spacing with 60-foot speed bays. Together, the structures are set to have a total of 60 loading doors and four drive-in doors,
Representing one of the last infill opportunities in Charlotte, the site is at 6830 Orr Road. The property is about 1 mile from the Old Concord Road light rail station, as well as 2 miles from U.S. Road 29 and 4 miles from Interstate 85.
Charlotte’s industrial market performance
According to a CommercialEdge report, Charlotte’s industrial under-construction pipeline is one of the nation’s most robust—presenting 12.3 million square feet as of March—surpassed only by Phoenix and the Dallas-Fort Worth metroplex, which boasted pipelines of 41.8 million square feet and 24.5 million square feet, respectively.
With an industrial vacancy rate of 3.6 percent as of March, the metro’s occupancy was one of the strongest in the country, eclipsing the national vacancy rate of 5.2 percent, the same report shows. However, Charlotte ranked second in the Southeast region, behind Nashville-Knoxville (3.3 percent).
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