McCraney Property Co. has closed on the acquisition of a 55-acre parcel at 4518 Davidson Highway in Concord, with plans to develop an industrial park on the site. The land traded for $5.45 million, with the parcel sold by American Asset Corp. and Shoffner Development.
The West Palm Beach-based firm partnered with Shoreline Capital to complete the purchase. The joint venture plans to develop the site as an eight-building industrial park to be known as Concord Gateway. According to reporting from the Charlotte Business Journal cited in the announcement, the development team expects to invest approximately $45 million in the project.
Planned buildings at Concord Gateway are slated to range from 10,000 to 64,000 square feet each, indicating a mix of small and mid-size industrial footprints. The site is situated just off Exit 55 from Interstate 85, positioning the future park near a regional transportation corridor.
The developers received nearly $100,000 in government incentives from the Concord City Council in connection with the project. These incentives add a public-sector component to the capital stack supporting the new industrial development.
Piedmont Properties/Corfac International provided brokerage services for the land transaction. Jim Plyler of Piedmont represented the sellers, American Asset Corp. and Shoffner Development, in the deal with McCraney Property Co. and its partner. Christian Samartino, also with Piedmont, represented the buyers.
In addition to the Concord Gateway acquisition and planned industrial park, McCraney Property Co. is described as being behind a large industrial assemblage in nearby Kannapolis. While details of that assemblage were not provided in the announcement, it underscores the firm's ongoing activity in the region's industrial market.
