Robin Burke, senior vice president of KBS Realty, tells GlobeSt.com it has been seeking an acquisition opportunity in Charlotte for the last year and a half. The national property investor owns two North Carolina office properties, in Raleigh and Cary, she says.
"Charlotte is an exciting, growing market, and the competition to get into that type of market is always steep," Burke says. She adds that KBS Realty took its time to find a quality site, rather than rushing to buy.
Crossroads Distribution Center consists of four class A concrete, tilt-wall warehouses. Its newest 151,824-sf building opened last November and is currently available, with Colliers Pinkard handling leasing. The other three buildings, completed between 1998 and 2000, are fully leased with Europa Sports Products, Walker & Zanger and Stark Carpets among notable tenants.
Burke says the property has excellent access and visibility along I-77 at the Westinghouse Road interchange, also known as Exit 1, and is especially attractive to tenants looking to combine retail/showroom and distribution operations. It offers ceiling heights up to 30 feet, truck courts from 110 to 140 feet, and 50-foot concrete aprons, she says.
KBS Realty represented itself in the purchase, while Frank Fallon and Chris Riley of CB Richard Ellis represented ING, the center's developer.
Newport Beach, CA-based KBS Realty has completed approximately $14 billion in transactions since it was formed in 1992.
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