Principals at MPV Properties have had a long-standing relationship with Nance Companies as both a leasing agent and development partner. In 2019 they discovered an opportunity to purchase land in the existing Pineville Distribution Park, in Pineville, NC.
In a joint venture, they purchased two parcels totaling approximately 9 acres, and they decided to build a speculative 67,000 SF office/warehouse building to kick off the project. MPV handled leasing for the project, and the building was fully leased to two different tenants within 1 year of construction completion. At the same time, MPV worked to pre-lease a 30,000 SF building on the second parcel, and they were able to successfully secure a tenant for the entire building in early 2022. In summary, MPV:
- Located and purchased two land parcels in a supply-constrained industrial market
- Developed 2 office/warehouse buildings totaling 97,000 SF of space
- Fully leased both buildings
Result: Construction on the second building is scheduled to be complete by the end of 2022, and Pineville Distribution Park remains a successful development delivering steady cash flow to the investors.
