Charlotte Celebrates Business Growth with The Imagine Group’s Expansion
In a move that really puts Charlotte on the map, the commercial printing company The Imagine Group has just announced its decision to renew and expand its lease at Innovation Park. This Minnesota-based company has been a significant player at the development since 2011, and their recent contract ensures they are firmly rooted in the area for the next decade.
A Promising Long-Term Commitment
The Imagine Group will be expanding its footprint by an impressive 28,500 square feet, bringing its total occupied space to a staggering 267,000 square feet in Innovation Park. Abbey Rowsey, the managing director of Accesso, which manages Innovation Park, pointed out that their decision to expand is indicative of their success within this particular location. “They have operations in several different cities, but this location works well for them,” Rowsey noted. “The size and layout of the space are perfectly suited to their needs, allowing them to accommodate even more equipment and storage as they grow.”
Stability in Uncertain Times
Now, why is this renewal such a big deal? For starters, amid a landscape of challenges in the commercial real estate sector, having a solid anchor tenant like The Imagine Group is invaluable. Innovation Park currently boasts an occupancy rate of about 65%, making this long-term commitment all the more crucial. Rowsey added, “Their lease stabilizes the project, so in uncertain times for commercial real estate, having an anchor tenant commit long term is as good as it gets.”
The Power to Prosper
Innovation Park, originally built for IBM in the 1980s, has some notable advantages that make it appealing for heavy machinery-based operations. Thanks to its past, the park has a significant amount of power on site, which is necessary to support The Imagine Group’s operations. “Their machinery pulls a significant amount of power, so the park is able to provide what they need,” Rowsey explained, highlighting how this unique infrastructure plays a role in their lease renewal.
About Innovation Park
Innovation Park isn’t just about The Imagine Group; it’s a bustling hub that includes 1.8 million square feet of office and light industrial space spread across 12 facilities within a sprawling 200-acre area. Other notable tenants include major players like Allstate, Wells Fargo, Chime Solutions, Barrday Inc., and TTI Floor Care North America. Since Accesso and Partners Group acquired the park in 2019 for $270 million, it has aimed to create a dynamic environment for various businesses to flourish.
Looking Ahead
As The Imagine Group gears up to increase operations in Charlotte, the outlook for the commercial scene at Innovation Park looks bright. With their strong commitment and expansion plans, it’s clear that this company is confident in both its future and that of the park itself. It’s great news not just for the company but also for Charlotte, which continues to grow and adapt in today’s ever-changing business landscape.
As we watch this story unfold, one thing is clear – Charlotte is indeed becoming a pivotal player in the national commercial real estate game, and expansions like this are just the beginning.
