Electrolux Names Developer for Charlotte Expansion
Charlotte, NC April 2, 2014 – Electrolux today named Columbia, SC-based Red Rock Developments as the developer for the expansion of its North American headquarters, their second expansion at this location in three years. Electrolux has entered into a 20-year lease agreement with Red Rock, who will be responsible for the development and financing of the $85 million project.
Red Rock has also entered into a programmatic joint venture arrangement with Marc Realty, a diversified real estate investment company based in Chicago, IL, to jointly finance the project.
“Electrolux is excited about our new business expansion, which will accommodate our growing R&D and product development teams,” said Edward Corpe, Electrolux North America, Senior Director of Engineering. “This also allows us to continue investing in Charlotte and driving economic growth.”
John Barker, Jr., President and Chief Development Officer of Red Rock said, “We are very fortunate to have been selected for this project and excited for Electrolux, and the impact the project will have for their business and to Charlotte, NC. I am proud of our entire team for the tremendous effort and commitment they have made to Electrolux for this important project.”
Electrolux plans to build a second facility adjacent to the existing headquarters. It will bring 810 new jobs in the areas of research and development, marketing, design, engineering, supply chain, finance, IT and executive management. Features of the new six-floor, 375,000-square-foot building will include LEED certification, solar panels, a roof garden and a courtyard.
Gregg Fox, Vice President of Acquisitions for Marc Realty’s Net Lease Investment Division said, “We are thrilled to enter the Charlotte market with this Build-To-Suit transaction for Electrolux.”
Electrolux is a global leader in home appliances, based on deep consumer insight and developed in close collaboration with professional users. We offer thoughtfully designed, innovative solutions for households and businesses, with products such as refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, air conditioners and small domestic appliances. Under esteemed brands including Electrolux, Frigidaire, AEG, Zanussi and Electrolux Grand Cuisine, the Group sells more than 50 million products to customers in more than 150 markets every year. In 2013, Electrolux had sales of $16.7 billion ($5.3 billion in North America) and 61,000 employees. The Electrolux North American headquarters is located at 10200 David Taylor Drive, Charlotte, NC 28262 in the University Research Park. For more information, go to http://newsroom.electrolux.com/us/.
Red Rock Developments’ primary focus is on the build-to-suit development of single tenant, net lease facilities for office, industrial and retail users. Their single tenant services also include acquisitions, net lease advisory services, and landpark development, redrockdevelopments.com.
Marc Realty is a diversified real estate investment company based in Chicago with net lease holdings nationwide, marcrealty.com.