Lichtin Adding Third Office at
Toringdon Development
by J. Lee Howard, Charlotte
Business Journal
Strong leasing activity is prompting Raleigh-based Lichtin Corp. to begin construction of another multitenant office building in its Toringdon development in south Charlotte.
Toringdon III, an $18 million, 85,000-square-foot building, is scheduled for completion in January and is being built on speculation, says Dene Ecuyer, a Lichtin vice president in Charlotte.
Based on the leasing success of the previous two Toringdon buildings, he expects to have several tenants signed before the building is finished. The Toringdon office complex is part of a mixed-use development at Johnston Road and Interstate 485, across the street from a retail center called Marketplace at Toringdon.
The 110,000-square foot center, scheduled for a June groundbreaking, is being developed by Columbus, Ohio-based Continental Real Estate and leased and marketed by Core Properties. The center will include a Walgreens and an Earthfare Natural Foods grocery, among other tenants.
The Toringdon office buildings also are expected to contain street-level, service-oriented retail shops. "The market out here continues to be exceptionally strong," Ecuyer says.
The new leases at the 75,000-square-foot Toringdon II building, which leases for $20.95 per square foot, bring it to about 86% occupancy.
Among the new leases:
-
Coats North America took 25,000 square feet, or all of the third floor of the three-story building. The company, which will leave Childress Klein Properties Inc.'s Two LakePointe Plaza building, is expected to occupy Toringdon II in June. Dan Millard of the Equis Corp. represented Coats. Ecuyer represented Lichtin.
-
Kvaerner Pulping Inc. recently relocated to Toringdon II from 8008 Corporate Center Drive, a property marketed by the Trammell Crow Co. The company took all of the second floor, or 25,000 square feet. Mike Kemmet of Colliers Pinkard represented Kvaerner and again Ecuyer represented Lichtin.
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Keller Williams Realty opened an office in the building, leasing 8,500 square feet on the ground floor.
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Keller Williams, which likes to have a mortgage firm near its satellite offices, brought along mortgage company Tucker & Trainum, which took 3,000 square feet adjacent to the Keller Williams office.
Ecuyer represented Lichtin in both transactions. Matthew Hagler of McKee Realty represented both Keller Williams and Tucker & Trainum.
Ecuyer says the Toringdon II building has one 6,000-square-foot and one 5,000-square-foot space remaining for lease. But Lichtin has several potential tenants waiting in the wings that have larger requirements, he adds. "So I guess that means we need to build another building."
The park is in the I-485 South submarket, as designated by Carolinas Real Data. The area has been notable for leasing successes in recent months, while many other submarkets have been struggling through a slow economy.
Ballantyne also falls within the I-485 South boundaries and has landed some of the larger deals making their way through Charlotte's office submarkets.
Most recently, State Farm Mutual Automobile Insurance Co. announced it is consolidating several regional auto insurance offices into about 25,000 square feet at Ballantyne Corporate Park. The insurer will anchor a new, 125,000-square-foot, $18 million building The Bissell Cos. started on speculation last September.
Overall vacancy in the I-485 South submarket, when single- and multitenant space is combined, has shown improvement. Current vacancy there is 9.4%, compared with 13.2% at the end of the third quarter of 2002, according to the latest figures from Carolinas Real Data. Citywide vacancy, including single-tenant space, is 12.7%.
Ecuyer is optimistic the trend will continue. "We don't have enough space to meet the demand we've been getting. So we get to building another building."
Raleigh-based Clancy & Theys Construction Co. is general contractor for the new building. Atlanta-based Keyfer & Associates is project architect.
NoDa buildings up for rezoning
Two buildings in the North Davidson arts district are being eyed for reuse as studio and office space. The buildings will require a rezoning from residential to mixed-use development district.
One is at 2818 N. Davidson St. That building is being rezoned to allow 1,280 square feet of studio space for as many as four artists, says Jeannie Whitaker, herself a potter and glass-fusing artist.
That building also includes a common area that could be used as a lobby and break room, she adds.
The other property is at 3046 N. Davidson St. It's being rezoning to allow 1,000 square feet of studio space and 300 square feet of live-work space, which Whitaker plans to use herself.
A public hearing is scheduled for July 21. A City Council decision is expected Sept. 15.
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