Elevation and Auerbach Funds Look to Capitalize on Growth in Charlotte
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, 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.”