In 2012, MPV Properties acted decisively on an opportunity to purchase over 200 acres at Lakemont Business Park, a premier business park in Charlotte’s Southwest market. Upon observing e-commerce’s rise and the steady closing of brick and mortar retail stores, MPV felt industrial real estate would be one of the strongest asset classes as the country emerged from the Great Recession. After negotiating an attractive land purchase, MPV accomplished the following:
- Acquired 200 acres at a below market value
- Built-out road and utility infrastructure
- Sold sites to credit tenants including Oxco Inc., Ashley Furniture, and the Rockefeller Group
- Graded sites and constructed several wetlands and creek crossings
Results: The project has been a great success to date, with completed or under construction building space totaling over 720,000 square feet. MPV has the ability to develop an additional 300,000+ square feet.