Glenstar, known for two decades as a national office and multifamily developer, is expanding its recent focus in industrial development with the announcement of its newest project – Cherokee Commerce Center 85 (CCC 85), a 290-acre commercial warehouse park in Gaffney, S.C. Located between Greenville-Spartanburg, S.C. and Charlotte, N.C., CCC 85 will break ground this spring on its first of five buildings, a 550,000-square-foot spec-to-suit warehouse that will be expandable to 1.3 million square feet.

The news of CCC 85 follows Glenstar’s 2022 debut in the U.S. Southeast industrial sector with the groundbreaking of Tri-County 75, the firm’s new 72-acre, four-building industrial park in Fort Myers, Fla., totaling 818,000 square feet. That same year, Glenstar made the strategic hire of 30-year industrial veteran Brian Netzky as principal.

Netzky joins Glenstar’s Co-founder Michael Klein in leading the firm’s new industrial initiatives, which are primarily focused on the Sunbelt region, and specifically the Southeast’s booming I-85 corridor.

“Despite headwinds and talk of cooling in some markets, we see only room to run for industrial, particularly in the Southeast, which has record-low occupancy combined with tremendous population growth that’s creating even more demand,” said Klein. “We anticipate significant pre-leasing on our ground-up, big box, institutional-quality industrial facilities, which enables us to modify the spec space to suit tenant needs in real time. We also have the advantage of having Brian’s industrial expertise as a tenant broker to identify sites and build facilities from the tenant point of view.”

Netzky founded Interstate Tenant Advisors, which he led for nearly 15 years before merging with Colliers International in 2018. He remained an executive vice president with Colliers for two years before joining Glenstar. Throughout his career, Netzky has executed occupier strategy and site selection on many of the largest industrial leases in North America, spanning over 30 million square feet across more than 70 major markets for e-commerce, retail distribution, consumer product distribution, paper and plastic packaging and food processing, and other firms.

“We worked with Brian while he was still at Colliers, and he has been instrumental to our success on Tri-County 75, our new industrial park in Fort Myers,” Klein said. “We knew he was exactly who we needed at Glenstar to help grow our industrial portfolio. His unique “end-user first” approach to site selection and development coupled with this deep, nationwide broker network and capital partners is an unbeatable combination.”

Cherokee Commerce Center 85, Gaffney, S.C.

In late Spring, Glenstar and capital partner Creek Lane Capital will break ground on the first building at CCC 85, their new warehouse park that will total five buildings and encompass 3.6 million square feet at the intersection of Hyatt Street/SC Highway 105 and the I-85 corridor, an area of rapid growth. Called Building 2, the first warehouse will offer 555,520 square feet (expandable to 1.3 million square feet), with completion expected in Spring 2024.

Warehouses at CCC 85 are being built on a speculative basis and pre-leasing is underway. Building 2 will also have a cross-dock orientation, 40-foot clear heights, up to 232 dock doors, four drive-in doors, and parking for 452 trailers and 540 cars. Next to break ground will be Building 4, a rear-load orientation, 36-foot clear heights, 56 dock doors, two drive-in doors, and parking for 132 trailers and 324 cars.

“Due to CCC 85’s massive scope and ideal location, tenants can choose from a range of mid- to bulk-size, best-in-class industrial space adjacent to the I-85 corridor, which is one of the most critical supply chain links in the Southeast,” said Netzky. “The ample space also allows for flexibility to accommodate up to 1.7 million square feet under one roof.”

CCC 85 is conveniently located 33 miles from the BMW Group Plant Spartanburg, 38 miles from Inland Port Greer in upstate South Carolina, and 50 miles west of Charlotte, N.C. From CCC 85, tenants can reach 100 million consumers within a one-day drive. Tenants and owner/occupiers will also have access to Tier-3 incentives to further maximize ROI.

Ware Malcomb has been selected as the architect for Cherokee Commerce Center 85, while The Conlan Company will serve as general contractor and SeamonWhiteside will provide civil engineering services. The industrial space will be leased by Colliers.

Tri-County 75, Fort Myers, Fla.

Speculative construction is underway at Tri-County 75, a new, 72-acre industrial park in Fort Myers, Fla., Glenstar is developing in partnership with Columnar Holdings. When complete, the four-building campus will offer 818,434 square feet of industrial space at the intersection of I-75 and Luckett Road.

“We are proud to be a pioneer of big box, Class A warehouse space in Southwest Florida,” said Netzky.. “The Fort Myers industrial market vacancy rate dipped to a historic low of 0.8% in Q4 2022, demonstrating the robust demand for modern distribution space. Our new, state-of-the-art facilities – along with abundant yard space – will help companies move products quickly and cost efficiently to one of the fastest-growing areas in the nation.”

In the center of Tri-Country 75, Building 3 presents an industrial product that is the first of its kind in Southwest Florida – a speculative 404,000-square-foot cross-dock warehouse with 36-foot clear heights. In November 2022, Glenstar signed a 252,860-square-feet lease with Ferguson Enterprises for two-thirds of the building, which was the third largest lease ever signed in Lee County. A national distributor of plumbing and HVAC supplies, Ferguson is relocating from its current regional distribution center and will take occupancy in Building 3 once construction is complete in September 2023.

“Ferguson prides itself on getting products to its customers fast, and they do that by occupying best-in-class distribution centers in strategic locations nationwide,” said Klein. “Tri-County 75’s large truck courts, abundant trailer stalls, secure outdoor storage, and easy highway access allow hundreds of trucks to leave the park every day to deliver products to customers throughout Florida within a day. With 36-foot clear heights, Ferguson will be able to stack its valuable inventory from floor to ceiling and utilize the best warehousing technology.”

The remaining 151,340 square feet available for lease at Building 3 offers 36-foot clear heights, 28 truck docks, two drive-in doors, and parking for 33 trailers and 103 cars.

Building 2, a speculative, 216,412-square-foot warehouse at 6135 TriCounty Commerce Way, is fully enclosed and construction is scheduled to deliver in April 2023. The building features 32-foot clear heights, 57 truck docks, four drive-in doors, and parking for 75 trailers and 233 cars.

Located in the economic center of Southwest Florida, Fort Myers is part of the Tri-County area which includes Lee, Collier and Charlotte counties. The new Tri-County 75 industrial park is a 12-minute drive from the Southwest Florida International Airport, and is located 33 miles north of Naples, and 73 miles south of Sarasota. The Tri-County area has 1.2 million residents and a workforce of more than 500,000.

Ware Malcomb is serving as project architect for Tri-County 75, while The Conlan Company is the design-build contractor and DeLisi Fitzgerald is the civil engineer. Square Mile Capital Management LLC is providing the loan to finance the development, and the Naples – Fort Myers office of Lee & Associates is overseeing leasing.

About Glenstar

Glenstar Properties, a Chicago-based national commercial real estate firm specializing in industrial development, reimagined office and multifamily properties. Founded in 2004 by Michael Klein, along with Rand Diamond, Glenstar has successfully developed or redeveloped more than $2 billion in commercial space comprising 10 million square feet across the U.S. Its nimble, tenant-focused approach and vertically integrated structure allow Glenstar to not only pursue and execute opportunistic projects, but also oversee and manage them seamlessly.

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Editors:

For more information or to schedule an interview, contact Paula Widholm, pwidholm@taylorjohnson.com, (312) 267-4525.

Cyclone Energy Group announces an airPLAN partnership with Glenstar Properties. Glenstar has launched Cyclone’s airPLAN in all six Chicagoland properties at the start of 2021, totaling over six million square feet of commercial office space. 

Cyclone announced airPLAN, an Indoor Air Quality monitoring service, earlier this year when the collective conversation began to shift to buildings reopening safely. Realizing that indoor air quality would fast become an essential point of value that will be part of the new baseline standard of expectations from the tenant/building occupant, airPLAN was established for building managers to show that they are proactively taking steps to increase and maintain the air quality of their facility. Indoor air quality is an essential measure for property managers to track as a means of providing an environment that is free of common air pollutants. airPLAN provides a valuable tool in making operational adjustments to the building as tenants reoccupy the buildings.

Glenstar was the first portfolio to adopt the program, installing the first monitors in January. According to Michael Giese, Executive Director of Property Services for Glenstar, “we chose airPLAN because it’s important to show our tenants we are proactively monitoring our buildings’ indoor environments. What we like about the program is that in addition to the monitors and the ability to access the data 24/7, we also get the Cyclone team of engineers to help us manage the data and make adjustments when needed to make sure we stay on track.”

Each sensor module Cyclone deploys streams over 1.4 million air quality data points to the cloud every day. The air quality dashboard simplifies the data allowing for a real-time look in on spaces throughout the building. Cyclone engineers monitor the buildings and help identify strategies to fin-tune operations to balance a healthy indoor environment with an energy efficient building. Reports to the building show more useful data than traditional indoor air quality testing that only takes a snapshot in time

“Creating a healthy indoor environment for occupants to use, enjoy, and feel safe is our top priority. airPLAN is a service that not only helps build confidence with reopening, it provides a platform to maintain a healthy and efficient building.” says Benjamin Skelton, President of Cyclone Energy Group. “In working with Glenstar, we’ve been able to monitor the impact of tenants returning to the office and advise on operational adjustments that not only maintain the air quality, but don’t penalize the properties’ energy costs.”

To find out more, join Benjamin and Michael on Wednesday July 14 at 11am CT, when they will co-host a BOMA Chicago webinar, “Measuring and Maintaining Healthy Indoor Air Quality”. 

• BOMA members can register directly HERE
• Non-members can register HERE

airPLAN: Trusted Advisors + Technology = Enhanced Built Environments

To learn more email airPLAN@cyclone.energy .

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About Cyclone Energy Group
Established in 2012, Cyclone Energy Group provides reliable analysis, cutting-edge insights, and practical solutions through all stages of a building’s life cycle, from design to construction, through warranty, and into operations. Based in Chicago, our Team works throughout the United States on behalf of designers, contractors, developers, owners, and property managers. Our regionally-diverse portfolio of completed projects ensures that we can bring broad experience to each unique property engagement.

For more information, please visit www.cyclone.energy
Cyclone Energy Group Media Contact:
Mary O’Donoghue Andujar
mandujar@cyclone.energy
704.608.4181

About Glenstar
Glenstar is a commercial real estate company specializing in reimagined properties combining innovative design, state-of-the-art technology and thoughtful amenities in order to create spaces where tenants want to be. Glenstar approaches all of its projects in the same way – with the tenant experience at the core. Over the past two decades, Glenstar has acquired and developed over $2 billion in office, retail, residential and medical building assets adding up to more than nine million square feet of trendsetting space.

The Meadows Building, the cornerstone of the Energy Square Dallas campus received the 2021 Preservation Achievement Award from Preservation Dallas.

The Meadows Building is one of the best examples of mid-century architecture and the first high-rise constructed outside of downtown Dallas. When Glenstar acquired the property in 2015, the building had suffered from years of improper maintenance and detrimental modifications. Preservation work included removing, restoring and reinstalling the Georgia pink marble flanking the building facade. The second floor balcony, removed in 1984, was reconstructed to match the original 1955 design. The original decorative roof on the Annex Building was reinterpreted to duplicate the original colorful design. The building’s insular plaza, added in 1984, that separated the Meadows Building from the rest of the campus was regraded to create a unifying central space for the campus, while complimenting the building’s mid-century style.

Glenstar has been named to Crain’s Chicago Business Best Places To Work for a third straight year, increasing our position to 23 overall and the highest-rated real estate company on the list.

Source: Crain’s Chicago Business

Continental Towers has been named a finalist for Redevelopment of the year at the Greater Chicago Food Depository’s 33rd Annual Commercial Real Estate Awards!

The Chicago Commercial Real Estate Awards brings together more than 1,850 of Chicago’s top architects, brokers, developers, property managers, interior contractors and design professionals to both celebrate the outstanding achievements in all facets of the industry and to support the Greater Chicago Food Depository. This partnership truly helps to build a better Chicago by raising money to help provide meals for our neighbors facing hunger. 

See the complete lists of finalists HERE. We are thrilled to be recognized and to support this important cause!

Glenstar and Rubenstein Partners have wrapped up a $20 million renovation at Continental Towers. Launched last summer, it marks the completion of a two-phase redevelopment project started in 2015 at the 910,000-square-foot office complex located at 1701 Golf Road in Rolling Meadows, Illinois.

The centerpiece of the modernization project is a massive one-acre outdoor multi-level landscaped terrace, the largest of its kind in the Chicago suburban office market. The space features flexible seating and spacious gathering areas, which is a perfect amenity for tenants in today’s environment. Fire pits and grills add to the casual vibe, and a synthetic lawn area is perfect for outdoor health and wellness programming. Additional improvements include fully renovated lobbies, elevator cabs, common areas, the addition of a game room and a renovated café/tenant lounge with a fireplace and views of the outdoor area.

“The excellent location and wealth of newly upgraded amenities at Continental Tower offers an exceptional choice for tenants seeking best-in-class space in the Chicago suburban office market,” said Peter Gottlieb with Rubenstein Partners.

In 2015, Glenstar invested an initial $30 million highlighted by the construction of a 734-stall parking garage, reconfigured site plan with newly created entrances, canopies and drop-off areas and a renovation of a 23,000-square-foot fitness center run by Midtown Fitness.

“When we began this project, corporate tenants were looking for highly-amenitized buildings with modern interiors and vibrant communities,” said Glenstar’s Michael Klein. “Now everyone’s concern is around safety and social distancing—and we have a robust program in place to address this. Our new amenities, especially our sprawling outdoor areas, provide tenants the opportunity to work outdoors and meet with their colleagues at a safe distance. We are pleased that the improvements we recently completed translate well into our current environment.”

Continental Towers is a three tower office complex located in Northwest suburban Chicago. The buildings sit on 34 acres with unobstructed views in all directions, easy access to the Woodfield Mall and high visibility along I-90. Notable tenants include Verizon and Panasonic.

Glenstar originally acquired Continental Towers in 2013 and recapitalized the project in 2018 with Philadelphia-based Rubenstein Partners, L.P.

Source: RE Journals