When Scout Motors, an automaker backed by Volkswagen, said it would develop a $206 million headquarters in Charlotte and create 1,200 new jobs, North Carolina's biggest city was abuzz about the project's expected economic impact.
Scout, a company that makes electric SUVs and trucks, announced in November that it would establish its corporate headquarters at the Commonwealth development in Plaza Midwood.
By moving its global headquarters from Michigan to Charlotte while simultaneously developing a major electric vehicle manufacturing facility just over an hour away in South Carolina, Scout Motors is set to become firmly embedded the region within a rapidly expanding automotive and electric vehicle ecosystem.
"Scout Motors is revitalizing an iconic American brand, creating high-quality jobs, and building the next great automotive company right here in the Carolinas,” North Carolina Governor Josh Stein said in a statement.
Because of the size and scope of South Motors' commitment to Charlotte and its anticipated economic impact, a panel of judges familiar with the market selected its headquarters deal as its lease of the year for the Charlotte market.
About the project: Scout Motors leased more than 143,000 square feet at 1332 Central Ave. in Commonwealth for its headquarters. The company is expected to move into its new space in July, according to CoStar data.
What the judges said: “Corporate headquarters relocation in a new industry [to CLT] bringing 1,200-plus jobs and occupying space in a critical infill location that will facilitate additional construction/density to support growth,” said David Morris, the director of investment property sales at Trinity Partners.
"The investment being made by Scout, [part of] a sector that has not been as active in Charlotte, will be incredibly impactful to the market," said Meredith Ball, a partner at Foundry Commercial.
They made it happen: Barry Fabyan and Charley Leavitt of Stream Realty Partners represented the landlord. Scott Keogh, president and CEO of Scout Motors, was the key decision-maker at the company. Tim Sittema, managing partner of Crosland Southeast, served as the principal development lead responsible for securing Scout Motors at Commonwealth. Nuveen Real Estate is the co-developer and investment partner for the Commonwealth mixed-use development. The state, city and Mecklenburg County were represented by Josh Stein, North Carolina governor; Vi Lyles, Charlotte mayor; Mark Jerrell, chair; Mecklenburg County Board of Commissioners; and Lee Lilley, North Carolina secretary of commerce.