GTIS Partners (“GTIS”), a global real estate investment firm managing $4.5 billion in gross assets with a U.S. focus on residential and industrial/logistics investments, announced today a joint venture with Collett Industrial (“Collett”), an industrial developer headquartered in Charlotte, NC, to acquire a 107-acre site located along Tribal Road in the I-85 South submarket of Charlotte in Cherokee County, SC. Â
The site is considered an Opportunity Zone within the Charlotte MSA, and is expected to be developed into approximately 850,000 to 930,000 square feet of industrial warehouse space across two phases. Phase I includes a 200,000 square foot rear load building and a 225,000 square foot rear load building. Phase II will consist of either a single 510,000 square foot cross-dock building or two rear load buildings totaling about 423,000 square foot that will mirror Phase I.
Given its proximity to Charlotte and Greenville–Spartanburg (GSP), as well as Atlanta and Raleigh-Durham, the development will have the opportunity to pull demand from GSP and other areas as a secondary demand driver to Charlotte. It is also projected to draw labor from Cherokee, Gaston, and Cleveland Counties.
GTIS and Collett plan to widen and improve the portion of Tribal Road that connects to the Tribal Road exit off of the I-85 interchange, where Tribal Road is already expanded along I-85. Prior to breaking ground, GTIS also intends to complete a comprehensive ESG evaluation, which includes an analysis of building safety, potential contamination, efficiency, supply, resilience, natural disasters, transparency, compliance and social impact, among other factors.
Robert McCall, Partner and Head of U.S. Industrial and Brazil Acquisitions at GTIS, stated: “We are thrilled to collaborate with the Collett team again as we develop another opportunity zone project in South Carolina. Many companies are choosing to invest in the Charlotte MSA area due to the business-friendly environment, impressive infrastructure, interconnected metro areas, growing populations and robust pool of talent available. This location establishes an excellent opportunity for us to add to our growing industrial platform, and also allows us to incorporate our ESG practices into the project. We look forward to breaking ground early next year.”
“Collett is proud to partner with GTIS on this transaction,” said Ryan Mosser, Partner at Collett Industrial. “Our team is focused on developing industrial projects across the Carolinas as we look to create jobs and meet the region’s expanding business demands. We believe the I-85 corridor between Atlanta and Raleigh-Durham is one of the fastest growing industrial corridors for distribution and manufacturing in the country. We appreciate the collaboration with GTIS on delivering a successful development, and look forward to expanding our partnership in the future.”
The project is expected to begin construction in February 2024. This is the second joint venture GTIS has participated in with Collett. In August 2022, GTIS and Collett acquired and developed two projects in South Carolina’s GSP MSA, which had a total capitalization of $140 million.
About GTIS Partners
GTIS Partners is a global real estate investment firm in the Americas, headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Charlotte, Phoenix, Dallas, Houston and Munich. The firm was started in 2005 and is managed by President and Founder Tom Shapiro and seven other partners. The firm manages $4.5 billion in gross assets and is active across a wide range of real estate sectors including single family and multifamily housing, office, industrial/logistics and hospitality as well as opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the US, GTIS has invested in over 200 assets across 40+ unique markets including growth areas such as Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real estate private equity firms with holdings including office, residential, logistics, and hospitality investments. Marquee assets developed by GTIS Partners in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel. For more information, please visit www.gtispartners.com.
About Collett Industrial
Headquartered in Charlotte, NC, Collett Industrial is a development and acquisition platform focused on industrial properties in the southeastern U.S. Collett Industrial is a subsidiary of Collett, a full-service commercial real estate firm with expertise in development, property management, leasing, brokerage and tenant representation. Collett Industrial’s portfolio consists of over 4 million square feet of completed or planned industrial space, focused on distribution, manufacturing, and e-commerce-related facilities. For more information, please visit https://www.collettindustrial.com.
Media Contacts
Mary Beth Grover / Keely Gispan
ASC Advisors
(203) 992-1230
mbgrover@ascadvisors.com / kgispan@ascadvisors.com
SOURCE GTIS Partners
