National Kitchen & Bath Cabinetry Inc. Lands $30M Concord, N.C., Industrial Asset
National Kitchen & Bath Cabinetry Inc. has acquired a 247,000-square-foot industrial building at AXIAL Bonds Farm in Concord, N.C., for $30 million, equating to roughly $121 per square foot.
Building 1 at 655 Pitts School Road NW is a rear-load facility with 36-foot clear heights and dimensions of 950 feet by 260 feet, along with 297 parking spaces and 52 trailer stalls. Interestingly, the deal also includes a 1.2-acre industrial outdoor storage area with 65 additional trailer stalls.
National Kitchen & Bath Cabinetry, a wholesale supplier and manufacturer of all-wood kitchen and bath cabinetry, plans to fully occupy the space to support its manufacturing and distribution operations.
AXIAL Bonds Farm is a 70-acre industrial park that was delivered in 2024 and totals 809,720 square feet across three buildings. The campus sits near Exit 52 of Interstate 85 and Poplar Tent Road with direct access to I-85 and I-485 and Concord Regional Airport, which is about five miles away. Otherwise, the Charlotte Douglas International Airport is approximately 22 miles to the southwest.
Building 2 (148,720 square feet) is currently leased and Building 3 (414,000 square feet) is available for lease.
The sellers, a joint venture between Charlotte, N.C.-based Crescent Communities and Boston-based AEW Capital Management, were represented by Brian Crutcher and Anne Johnson of CBRE. Thomas Hipp of Whiteside Properties represented the buyer.
“This sale represents the success of our long-term vision for AXIAL Bonds Farm — to deliver thoughtfully designed, high-performing industrial space that meets real operational needs,” said Brendan Pierce, president of commercial at Crescent Communities. “Demand for modern, well-located industrial facilities remains incredibly strong in the Carolinas, and this transaction reinforces both the value of Crescent’s AXIAL portfolio and the enduring appeal of the Charlotte market.”
Charlotte, N.C., Industrial Market Sales Boom
The deal comes as industrial sales activity in the Charlotte market has climbed sharply: Sales volume grew from $781 million to more than $2 billion throughout the course of 2025, which comes out as a 159% increase. For total sales volume, that lands Charlotte among the top 10 U.S. markets for industrial sales volume at year-end, per Yardi research data.
Meanwhile, the average year-to-date sale price stood at $113.38 per square foot, which was slightly below what National Kitchen & Bath Cabinetry paid for its new asset.
Charlotte’s pipeline also remains one of the nation’s most robust: At the end of 2025, the market had 8.3 million square feet under construction to tie with Denver for seventh nationally. Notably, this level of activity was led by a late-year flurry of new starts — a significant contrast to most other Southern markets that saw construction activity contract as the year progressed.