By Eliza Theiss, Associate Editor
Cushman & Wakefield | Talhimer has announced completing the sale of South Point Business Center, a 123,200-square-foot single-tenant industrial headquarters facility in Charlotte’s Southwest submarket.
Buyer Founders Properties paid $9.25 million for the industrial warehouse and light manufacturing complex located on South Ridge Drive. The state-of-the-art facility serves as a mission-critical headquarters and manufacturing location for Specialty Manufacturing Inc., a top manufacturer of safety equipment and related products to the transportation industry.
Specialty Manufacturing has a new 10-year triple-net lease on the facility. South Point Business Center is located in Charlotte’s Southwest submarket, which boasts a 96 percent occupancy rate. According to Chris Norvell, SIOR of Thalhimer’s Capital Markets Group, there is “extremely strong demand for well-positioned industrial assets throughout the Carolinas.”
Buyer Founders Properties purchased South Point Business Center from Dalfen America Corp. The latter was represented by Cushman & Wakefield | Thalhimer’s Capital Markets Group. The sale was completed by Chris Norvell, SIOR and Bill Simerville of Cushman & Wakefield | Thalhimer’s Capital Markets Group, and aided by Eric Ridlehoover, Lane Holbert, CCIM, SIOR and Fermin DeOca of Cushman & Wakefield | Thalhimer’s Charlotte Office.
CBRE Capital Markets’ Debt & Structured Finance (DSF) team arranged a $5.5 million acquisition financing for the buyer earlier in March. Founders Properties was represented by Doug Seylar, Murray Kornberg, Scott Larson and Ben Bastian in the CBRE Debt & Structured Finance Minneapolis, and Steve Heffner and Nate Sittema of the CBRE Debt & Structured Finance Charlotte office.
Image courtesy of Cushman & Wakefield | Thalhimer
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