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Griffin Industrial Realty to Expand Carolina Tradeport


Published Wednesday, September 5, 2018
by Cabarrus Economic Development

FOR IMMEDIATE RELEASE

Media Contact
Cabarrus Economic Development
Robert Carney, Executive Director
rcarney@cabarrus.biz
(704) 490-4977

 

 

Griffin Industrial Realty to Expand Carolina Tradeport
in Concord

 

CONCORD, NC – Cabarrus Economic Development is excited to announce a new speculative industrial development from Griffin Industrial Realty (“Griffin”). Griffin plans to add two new buildings to its recently rebranded Carolina Tradeport development in Concord, which currently consists of a 100% leased, 277,000 square foot warehouse located at the intersection of Poplar Tent Road and International Drive.  The two new buildings at Carolina Tradeport are expected to generate approximately $12,800,000 in new investment by Griffin.

Michael Gamzon, President and CEO of Griffin commented, “After the successful lease-up of 215 International Drive, which we purchased last year, we are pleased to further expand our portfolio in Cabarrus County with the construction of two additional buildings at Carolina Tradeport.  Carolina Tradeport is well-located in the fast-growing Cabarrus County/Concord market and has excellent access to I-85. The new buildings will feature Class A construction with 32 foot clear-heights, flexible designs, generous truck courts and ample parking.  We thank Cabarrus County and the City of Concord for providing tax incentives to support the further development of Carolina Tradeport on speculation and believe this project will attract a wide variety of tenants to the region.”

“Griffin Industrial Realty focuses on strategic placement and it’s a sign of great confidence that they are ready to expand their presence in Cabarrus County,” said Cabarrus County Board of Commissioners Chair Steve Morris. “Their new state-of-the-art buildings will add impressive industrial space options to the Cabarrus marketplace.”

The two new buildings at Carolina Tradeport will consist of 147,000 square feet and 136,500 square feet. Both the Cabarrus County Board of Commissioners and Concord City Council supported and approved a three-year, performance-based tax incentive totaling $235,008 for Cabarrus County and $156,672 for the City of Concord.

“We’re happy to welcome Griffin Industrial Realty as they move forward with a valuable investment in our community, said Concord Mayor Bill Dusch. As Concord continues to grow, it’s important for us to support industrial product development that attracts quality employers and contributes to a broader tax base.”

Construction on the first new speculative building in Carolina Tradeport is expected to begin this fall.

“Griffin Industrial’s speculative investment in our market is a testament to our community’s market strength,” said Cabarrus Economic Development Executive Director Robert Carney.  “I’m excited about our partnership with Griffin Industrial to bring this type of industrial product online. We believe this fits a true need towards growing manufacturing jobs and investment.”

About Griffin Industrial Realty

Griffin is a real estate business principally engaged in developing, managing and leasing industrial/warehouse properties and, to a lesser extent, office/flex properties. Griffin seeks to add to its industrial/warehouse property portfolio through the acquisition and development of land or purchase of buildings in select markets targeted by Griffin. As of May 31, 2018, Griffin owned approximately 3.7 million square feet across 35 buildings located in three markets: Connecticut, Pennsylvania, and North Carolina.

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