SunCap Property Group has broken ground on 70 acres in the Falling Branch Industrial Park for the development of a 251,000-square-foot industrial facility.
The build-to-suit development is located in Christiansburg and will be leased by a national Fortune 50 transportation company.
More details are pending, but the concrete slab has been poured, and additional construction on the warehouse space is expected in the next month.
This is the first new project for the industrial park in the past three years after the closing of the DISH Network site. Moog Inc. moved into the former DISH facility and is looking to expand its operations there.
The Falling Branch Corporate Park is located adjacent to Interstate 81. Montgomery County purchased 125 additional acres in 2017 for Phase II, which this new construction is a part of.
The Town of Christiansburg recently reached a boundary agreement with Montgomery County to allow for a road to expand to the SunCap site. Utilities are a part of that agreement.
SunCap Property Group is a privately held, national commercial real estate development, investment and advisory firm, based out of Charlotte, N.C. The company specializes in the development of speculative and single-tenant build-to-suit facilities, the creation of mixed-use and multifamily communities, and the acquisition of institutional-grade real estate in key markets.
SunCap recently announced that it has broken ground on 56 acres in Anderson, S.C., for the development of a 251,000-square-foot industrial facility, similar to the Christiansburg facility.
FedEx said last month it would invest $45 million in the South Carolina project, creating speculation they could follow suit in New River Valley.