MDH Partners Lands $23M Loan for Charlotte Industrial Development

Northcross Commerce Center is taking shape some 17 miles from downtown Charlotte, N.C. Image courtesy of MDH Partners

MDH Partners has received $23.3 million in construction financing for the development of Northcross Commerce Center’s second phase, in Huntersville, N.C. Plans call for two buildings totaling 254,000 square feet. The developer will break ground this month, with completion slated for the third quarter of 2024.

JLL worked on behalf of the borrower to secure the loan, provided by TD Bank. The broker team included Senior Managing Director Chris Drew, Senior Director Taylor Allison and Associate Jimmy Calvo.

Northcross Commerce Center is a Class A industrial park. According to CommercialEdge, the first phase was completed in 2021 and features two buildings, measuring 331,385 and 114,100 square feet. The facilities are currently leased to Prime Beverage, HAWE Technology and Icon VF. Phase two will feature two shallow bay buildings, 160 and 200 feet deep. MDH Partners is using CarbonCure technology for the development of the industrial facilities.

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The second phase is taking shape on Jamesburg Drive, near Interstate 77, 17 miles North of downtown Charlotte. The industrial campus is next to U.S Route 73 and 20 miles from Charlotte Douglas International Airport.

As of July, the Charlotte industrial market had 13.8 million square feet under construction, representing 4.5 percent of stock, according to a recent CommercialEdge report. In the last few months, Bosch broke ground on a 325,000-square-foot manufacturing facility in Lincolnton, N.C., while Trinity Capital Advisors completed Delta Industrial Park, an 876,587-square-foot industrial building in Gastonia, N.C.

MDH industrial expansion

Since January, MDH expanded its industrial footprint with several acquisitions that added to a total of nearly 3 million square feet. The company also entered new markets, including California, Minnesota, Maryland, Indiana, Illinois and Pennsylvania.

Some notable transactions include the $112.3 million purchase of Harvill Logistics Center, a 333,570-square-foot facility in Perris, Calif. The company also acquired a 1.4 million-square-foot industrial portfolio that included two newly completed buildings in the Atlanta and Memphis, Tenn., metro areas.