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Avison Young arranges 691,275-square-foot industrial lease in Charlotte submarket
One of the few large industrial transactions of the year will bring new jobs and investment to the region
Charlotte, NC – Avison Young, a global real estate advisory firm, has arranged a 691,275-square-foot (sf) lease at Legacy Park East, a master-planned Class A industrial business park in Rock Hill, South Carolina. The tenant, a leading manufacturer of sustainable packaging, will bring several new jobs and make significant investments in the Rock Hill market.
Avison Young’s Chris Skibinski, SIOR; Tom Tropeano, SIOR; Henry Lobb, SIOR; and Abby Rights represented the landlord, Scannell Properties, in the transaction.
“This lease is one of a handful of deals over 400,000 sf signed in 2024 and indicates that Charlotte continues to be one of the leading U.S. industrial markets,” said Tropeano. “It’s been a pleasure to work with Scannell Properties to attract a major manufacturer to support local economic growth.”
Located a mile away from I-77 at 2087 Williams Industrial Blvd., Legacy Park East offers convenient access to the entire Charlotte MSA. The master planned park’s four existing facilities are fully leased with the remaining three development sites able to accommodate distribution and manufacturing users.
“We’re thrilled to have yet another building leased within the Legacy Park East industrial park. Working in partnership with Avison Young, we have now successfully constructed and leased all of the first phase of the park,” said Andrew Smith, Development Manager, Scannell Properties.
According to Avison Young’s Q4 2024 Charlotte industrial market report, larger industrial buildings have experienced higher vacancy rates in recent months as a wave of new supply hits the market and tenant demand has softened from previous years. With development activity subsiding, vacancy rates are expected to decrease as tenant demand absorbs the newly delivered supply. 2024 industrial leasing velocity saw an uptick from the year before and brought the yearly total in line with the pre-pandemic average of 10.3 million square feet.
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About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2024 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 13 consecutive years.
About Scannell Properties
Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, and multifamily facilities throughout the U.S., Canada and Europe. Since its inception in 1990, Scannell Properties has completed 615 development projects totaling 150 million SF. For more information, visit scannellproperties.com
Media Contact
Reilly Lockwood, Media Relations & Content Specialist, South Region: +1.508.808.1202