CBRE has executed a 63,511-sq.-ft. lease for Tosca, a reusable packaging and supply chain solutions company, at Metrolina Park, a master-planned, 1.2 million-sq.-ft. manufacturing and logistics industrial park in North Charlotte. Tosca will occupy the building on 7110 Expo Drive this summer, expanding its service center network into North Charlotte.
CBRE's Frank Larsen, Steve Lowe, and Stewart Hasty and Louis Pascuzzi of Jackson Cooksey represented the tenant, Tosca, in this transaction. Tim Robertson, director of industrial leasing at Beacon Partners, represented the property owner.
"After a comprehensive search throughout the Carolinas, Tosca chose Charlotte, and specifically Metrolina Park, for its strategic location in the Southeast, the park's building functionality and quality of construction," said Mr. Larsen, first vice president at CBRE. "Metrolina Park is a state-of-the-art industrial property in a prime distribution location just north of Charlotte's CBD and in close proximity to I-77, I-485, I-85 and Charlotte Douglas International Airport; a great choice for Tosca."
"We are thrilled to welcome a growing business like Tosca as a customer at Metrolina Park for its new Southeastern facility," said Mr. Robertson. "The fact that Tosca has made such a significant commitment to the Carolinas demonstrates the intrinsic quality and access that Metrolina Park offers."
"We were very interested in Charlotte and Metrolina Park specifically to support an expanding relationship with a national supplier," said Mike Wasson, vice president of supply chain and operations at Tosca. "By constantly evaluating and adding new service centers to our network, we can offer exceptional response time to our customers while significantly reducing freight costs and time in transit."
With more than 50 years of expertise, Tosca collaborates with growers, suppliers and retailers to deliver customized reusable packaging and supply chain solutions across North America. The company currently operates 14 service centers across the U.S. and the new service center in Charlotte will be its 15th service center and the first in the Carolinas.
In 2017, the Charlotte industrial market absorbed over 3.1 million sq. ft. of space. This represents the second year in a row that annual absorption has topped 3 million sq. ft. In Q4 2017, absorption topped 600,000 sq. ft. for the seventh consecutive quarter.