FLEX BUILDINGS, COMMERCIAL SPACE PLANNED IN CONCORD

Concord, NC - The owner of a high-profile business park in Concord is planning a series of speculative flex buildings and will include Class-A offices and commercial space at the entrance to the development. The Nolim Group S.A. Inc., owner of The International Business Park at Concord, will soon start construction of the first of four flex buildings that will total almost 300,000 square feet at the 520-acre development, off Interstate 85 at N.C. Highway 73. The initial building, measuring 70,500 square feet and scheduled for completion in the fall, is expected to house as many as 10 businesses.

The buildings are designed to appeal to tenants that need high-quality office space or a combination of office and distribution space, says Michael Schneider, Nolim vice president. "We've established ourselves in the community with a commitment to quality," he says. "This is the next step for us." The project will help I-85 corridor northeast of Charlotte shift from traditional industrial uses to more office, retail and service businesses, he says.

Anne Johnson, first vice president of CB Richard Ellis in Charlotte, which will market the facility, says Nolim wants to ensure the park will remain known for excellence. "The most important thing is quality and appearance," she says, adding that the flex buildings will be constructed with lots of glass and other high-end features.

The buildings are planned for 20 acres on International Drive at Corporate Drive. The second, third and fourth buildings will be constructed as tenants for the first one are signed, Schneider says. He expects the four structures to be completed over the next five years.

"It will be designed in a way to attract a small tenant or someone who needs the entire building," Johnson says. Units can be as small as 5,000 square feet. One section of the first building will be reserved for a tenant needing at least 20,000 square feet, Johnson says.

With its Class-A office component and flex capabilities, the project brings a new type of buildings to Cabarrus County, says Maurice Ewing, president of Cabarrus Economic Development. "This is a tremendous change in the typical product built on speculation," he says. One or more of the buildings could eventually become corporate offices, rather than housing a combination of industrial and office uses, Ewing says. Nolim's project comes at a time when business and prospect activity in Cabarrus is on the upswing, he adds. "It's clear that the future is going to be a lot more promising than the last two years."

Johnson plans to market the units to companies needing distribution space in the Concord area, as well as to small-business executives who commute daily to Charlotte from Cabarrus. Lease rates are about $10 per square foot for office space and $5 per square foot for warehouse space. Johnson and Bryan Crutcher, also with CB Richard Ellis, will market the facility.

Michael Chreitzberg of Yates-Chreitzberg Architects of Concord designed the first flex building. C.M. Black Construction Co. Inc., also of Concord, is general contractor.

© 2003 American City Business Journals Inc.