By Illyshia Parker – Commercial Real Estate Reporter, Birmingham Business Journal
Original Post from Birmingham Business Journal
Growth Capital Partners (GCP), a Birmingham-based private real estate investment company, is partnering with Houston, Texas-based developer Phelan-Bennett Development (PB) an affiliate of Phelan Development Company, LLC under a forward-progress agreement to develop two speculative industrial projects in Gastonia, North Carolina, and an additional speculative in Fort Mill, South Carolina, for GCP’s Fund II.
GCP acquired a 17.3-acre site in Gastonia’s Northwest Gateway Logistics Park in April and PB will break ground in late September for a 132,395-square-foot and a 166,370-square-foot industrial warehouse with expected completion in Q3 2023.
The 15.47-acre site GCP acquired mid-August in Fort Mill at Lakemont Business Center will break ground on a 144,131-square-foot project in December with expected completion in Q4 2023.
The six total forward-progress projects GCP is currently working on will deliver nine buildings for a combined 1,688,511 square feet of industrial space for GCP’s Fund II over the next year.