NorthPoint Development Acquires 286 Acres in Statesville for Large Industrial Park
From Collin Huguley – Staff Writer, Charlotte Business Journal, Feb 10, 2023
An industrial developer active in the Charlotte market has acquired several hundred more acres for its new park in the region.
In late December, NorthPoint Development acquired 286 acres for its Park 4077 project in Statesville for $18.6 million, according to Iredell County real estate records. The developer began construction on the first building at the industrial park last year after some initial land purchases. However, the majority of the land for the park was included in the most recent transaction.
Park 4077 includes land on Odessa Drive, Crawford Road and Jane Sowers Road at interstates 40 and 77, as the project’s name indicates. Upon full buildout, it could include as much as 3.85 million square feet of industrial space across five buildings. The first building there, which will be 585,880 square feet, is on track to deliver in the second quarter.
JLL’s Spencer Yorke and John Cashion are leading leasing efforts at Park 4077. A construction timeline for the next buildings there has not yet been set, Yorke told the Charlotte Business Journal. Plans show that, after the first building’s completion, NorthPoint is eyeing four other buildings — of 295,000 square feet, 750,000 square feet, 1.2 million square feet and just over 1 million square feet, respectively — to be built at the park.
Yorke said that is still the plan for Park 4077, but the developer intends to “maintain some flexibility for potential build-to-suits.”
NorthPoint rezoned over 425 acres in March 2022 to accommodate the Park 4077 project. The developer closed on its initial land purchase there in May, which included the acquisition of over 90 acres for nearly $6 million. NorthPoint bought nearly 50 more acres in September for $2.8 million and another 1.5 acres in October for $88,500, real estate records show.
NorthPoint has been one of the Charlotte region’s most active industrial developers in recent years and opened an office here last year. Its portfolio includes the 365-acre Gateway85 project in Gaston County, along with another large project in Salisbury.