GCP Signs Vallen Distribution to 10-Year Office Renewal in Belmont

GCP Signs Vallen Distribution to 10-Year Office Renewal in Belmont

Graham Commercial Properties (GCP), a commercial real estate investment, development and management firm headquartered in Birmingham, AL, has signed leading industrial supplier Vallen Distribution to a 10-year extension for the company’s 42,000-square-foot office space at 2100 Oaks Pky. in Belmont, NC.

Concurrent with the renewal, GCP disclosed plans to separate the 42,000-square-foot office component and 83,213-square-foot warehouse component into two separate leases.

GCP acquired the 125,213-square-foot distribution center in 2015 and subsequently signed Vallen to a full occupancy lease later that year. With the Vallen’s office renewal in place, the company plans to execute a $2.3 million capital improvement plan to extensively renovate the office portion of the property.

Choate Construction has been contracted to carry out the construction, which is slated to kick off this month and wrap up in May 2018. Vallen will continue to occupy the space during the construction.

View original article from Costar.com here.