Link Logistics expanding Greensboro portfolio with 280,800-square-foot spec
It's yet another investment by the national logistics powerhouse, and comes at a time when spec building continues to grow across the Triad but is beginning to face headwinds.
You might say that New York-based Link Logistics is 'Bullish' on the Triad. The nearly 24-acre property is adjacent to a LEED-certified 341,000-square-foot industrial building at Bull Ridge that Liberty Property Trust built in 2007 before exiting the Triad. Link has since acquired that property, which appears from marketing materials to be fully leased. However, a marketing sheet lists the anticipated delivery of the new building as June 2023. We have more than 8 million square feet of logistics real estate across Greensboro, Raleigh and Winston-Salem, structured to support Triad-area businesses' ever-changing supply chain needs for the long term." The brochure states the facility will have 65 dock doors, two drive-in doors, and 36-foot clear height. Parking will accommodate 46 trailers, and 200 automobiles. Another example of its local portfolio is the nearly 419,000-square-foot Brigham Enterprise Center, a property built in 2006 at 657 Brigham Road in Greensboro. Those properties, one of which is leased to the U.S. Postal Service, are just off Pleasant Ridge Road at N.C. 68, only a few miles from the new building under construction. CBRE Triad, in its most recent third quarter report, stated that 5.9 million square feet of industrial space is under construction across the region, with some 4.3 million of that speculative building. However, as TBJ reported in a recent cover story, local developers say that headwinds such as costs are making it harder to continue to add space at the same pace seen in recent years. It owns, has an interest in or has under development 550 million square feet of distribution-focused real estate across the U.S., serving more than 11,000 end-customers. In its third quarter report released Nov. 2., Link reported that its operating portfolio is 97.4% leased on a same-store basis, up from 97% a year prior. Link leased nearly 20 million square feet during the third quarter. 'The real-time data and insights generated by our 500+ million square-foot platform continue to give us conviction in the favorable outlook for the logistics sector. We remain highly focused on pursuing new investments even amidst broader capital market volatility given our unique scale and access to capital.'