Although Charlotte commercial real estate is facing headwinds, the metro is showing signs of resilience, owing to strong population growth, a diversified economy and the explosive growth of e-commerce in the wider region. A number of major industrial acquisitions closed during the past month, and the market’s office sector also appears well positioned, even as more than 5.2 million square feet is under construction. Here’s our November list of Charlotte must-knows:
1. DEAL – Clarion buys logistics portfolio for $201 million.
Developer Beacon Partners sold the 1.9 million-square-foot Metrolina Park, located 7 miles north of downtown Charlotte in the I-77 industrial corridor. The eight properties, constructed between 1996 and 2018, range from 135,105 to 495,950 square feet. Clarion Partners assumed a number of outstanding debts relating to the assets as part of the deal. JLL Senior Managing Directors Pete Pittroff and Travis Anderson led the team representing Beacon.
2. LEASE – Cushman & Wakefield closes East Forest office lease.
The brokerage represented Community Alternatives in its 22,243-square-foot agreement at INQ @ 2401, a 162,372-square-foot office property at 2401 Sardis Road N. CBRE worked on behalf of the landlord, Mainstreet Capital Partners. The 1980s-era building, formerly a Super Kmart, was converted to office space in 2016, according to CommercialEdge data.
3. DEAL – GCP sells North Charlotte industrial property.
Exeter Property Group acquired the 464,947-square-foot asset at 10000 Twin Lakes Parkway for $27.6 million, according to Charlotte Business Journal. CommercialEdge further shows the deal was one component of a larger, $800 million portfolio disposition, involving a mix of industrial, self storage and hospitality assets across 11 markets. Exeter also assumed a $60 million MetLife loan from December 2017 alongside the acquisition.
4. DEAL – Anchor Health pays $50 million for medical office portfolio.
Novant Health anchors the three buildings, which total 97,000 square feet. Synovus Bank provided the buyer with acquisition financing for the off-market transactions. The largest property, a 36,000-square-foot asset at 325 Hawthorne Lane, has 12,000-square-foot floorplates, two elevators and covered parking. CommercialEdge shows the property is subject to a ground lease held by Novant Health.