CHARLOTTE, NC—It's not just about banking any more. North Carolina is open for business, attracting a more diversified business base, and UTF (United Trust Fund) is taking note.
The sale-leaseback specialists aim to acquire $240 million of North Carolina real estate of all property types over the next year. Executives point to a recent Forbes report that listed the state as the fourth-best in which to do business right now.
“It's really become one of the best energy and technology places to be,” says John Oks, Vice President of Acquisitions at Miami-based UTF. “We have significant holdings having completed many sale leasebacks and build to suits in the financial services and accounting industry within the state."
UTF's success in North Carolina has come by way of the acquisition of Charlotte-based department-store chain Belk's headquarters, deals with Greensboro-based technology firm RF Micro Devices, branch locations with Bank of America, several CVS stores throughout the state and the sale and leaseback of the regional headquarters of accounting firm Dixon Hughes Goodman. In all, the company has transacted 43 sale-leaseback deals in the state.
It's primarily looking at the state's larger metropolitan areas, including Charlotte, Greensboro and Raleigh, but notes Mr. Oks, "If the creditworthiness is there we can buy virtually anywhere in the state."
“We know the market well, but we feel that what we have done in North Carolina is just the tip of the iceberg,” Oks says, pointing out that UTF relies on the commercial-brokerage community that brings in 70% of its business. “Just because you are the oldest firm specializing in sale-leasebacks does not mean business falls on your lap.”
UTF is also looking at other states to complete similar sale-leaseback and build-to-suit transactions. Click here to see its plans in Minnesota. For details about its interest in the Texas market, click here.
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