From left, Dante Massaro, Chris La Mack, Peter Auerbach and Garret Giusti of Elevation Real Estate Group and Auerbach Funds
KANNAPOLIS, NC—Elevation Real Estate Group and Auerbach Funds report they have acquired the last eight acres of land at its Kannapolis Gateway Business Center here.
Located on N.C. Highway 73 and Kannapolis Parkway; the site enjoys high visibility and easy access to Interstate 85 which makes it prime for growth, the companies report in an announcement. The site is located directly across from the newly constructed $85-million Amazon distribution center, which contains more than 1 million square feet and opened earlier this year.
The land acquisition was fueled by a period of sustained economic growth in the Charlotte area as well as continued residential and commercial growth along Kannapolis Parkway. No terms of the transaction were reported.
Kannapolis Gateway Business Center, originally started in 2002, is an 85-acre class A business park anchored by Novant Heath Logistics Center & Stewart Hass Race Team. The center also includes offices for State Farm, Keller Williams Realty, Edward Jones and PSNC Energy along with restaurants including Subway and Pizza Hut.
Peter Auerbach, CEO of Auerbach Funds said, “Our relationship with Elevation, combined with our belief in the market and the deal basis created what we believed to be a strong opportunity for our investors.”
Chris La Mack, president of Elevation Real Estate Group, adds, “The property provides a unique opportunity to acquire land in the rapidly growing Kannapolis submarket to bring additional commercial businesses and services to the community. We are excited to work with the City of Kannapolis and our partners in this exciting project.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
