Search
 

Industrial Investment Continues Strong in Charlotte

Four companies, all from outside the area, recently made 1.8 million sf of industrial acquisitions valued at more than $100 million.

By John McCloud | Updated on April 07, 2008

CHARLOTTE, NC-The purchase of Crossroads Distribution Center by KBS Realty Advisors capped a month of exceptionally intense acquisition and development activity for North Carolina’s largest city. Four companies, all from outside the area, made 1.8 million sf of industrial acquisitions valued at more than $100 million, and one of them announced plans for an additional three million sf of development.

The KBS purchase represented the Newport Beach, CA-based company’s debut in the market, which KBS senior vice president Robin Burke says has been scouting for the past year and a half. Two of the other buyers also were making market debuts, while the third has been there only 15 months. The new entrants are a joint venture of CIP Real Estate of Irvine, CA and Alex. Brown Realty Inc. of Baltimore, which acquired a $50 million portfolio with 191,736 sf of industrial space and 395,989 sf of offices, and San Diego-based Westcore Properties, which paid $24.75 million for a 455,750-sf manufacturing building. The more veteran buyer is EastGroup Properties of Jackson, MS, which paid $41.9 million for five properties totaling 669,000 sf.

The most recent EastGroup deal succeeds some $92 million and 1.6 million sf of Charlotte industrial acquisitions made by the company in the preceding 14 months. In addition to its acquisitions, EastGroup plans to build up to three million sf of new warehouse and distribution product, beginning with a 95,000-sf building on 9.9 acres at the newly acquired Airport Commerce Center. The company intends to use the city as a base for expansion into Greensboro and the Research Triangle, with plans to open a regional office in the city in coming months. CIP opened a Southeast regional office there in March.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.