California developer growing local presence with $17M spec building underway in region
Triliad Development Inc., a California developer that has built at least three high-profile racing projects in Cabarrus County, is back with a huge speculative building in Kannapolis.
The 300,000-square-foot, $17 million building on Kannapolis Parkway is already under construction and will be completed in shell form by the end of the year, says Valerie Draeger, president of Triliad. She says the structure is being built solidly to suit a range of possible tenants, including those in distribution and manufacturing.
“I like to be able to hit all different types of tenants,” Draeger says.
Triliad will agree to divide the 300,000-square-foot building into sections for two tenants. But don’t expect the building to be sold to those tenants, Draeger says.
“We’re the long-term owners of properties,” she says.
“We’ve got some good prospects,” he says.
Snowdon says he likes leasing Triliad space because the staff in California is small and decision makers are easy to reach.
“We get quick decisions and we have the ability to quickly respond to clients,” Snowdon says.
“We are being approached on a regular basis on opportunities for the community,” Hinnant says.
The Triliad site is located near the Kannapolis Parkway and N.C. Highway 73 intersection, where a $85 million, 1-million-square-foot distribution center for Amazon.com (NASDAQ: AMZN) is being built.
“That Kannapolis Parkway is a gateway into our community,” Hinnant says. “That place is bursting at the seams.”
Choate Construction of Charlotte is the general contractor on the Triliad job. This week, workers were tilting up concrete panels to form the building's walls.
Triliad is developing the building for Gene Haas, who owns Haas Automation, the largest machine tool manufacturer in the United States. Haas also has substantial NASCAR operations after breaking into racing in 2002.
In 2007, Triliad completed a $15 million headquarters for the Stewart-Haas Racing facility and later the Haas F1 building, both of which are 125,000 square feet in size. Both of those race shops are also within sight of the shell building site.
Triliad also developed Haas’ Windshear Inc., a $40 million wind tunnel in Concord, in 2008.
Triliad is based in Westlake Village and is one of the San Fernando Valley’s most prolific developers with more than 3 million square feet of space under management.
“Working in California is very tough,” she says. “We’ve stopped investing there.”