Diamond Properties Buys Charlotte-Area Industrial Asset

Diamond Properties has acquired BSN Medical Distribution Facility, a fully leased industrial property totaling 149,987 square feet in Conover, N.C. JLL negotiated on behalf of the seller, Founders Properties, also procuring the buyer.

The property traded for $10.3 million, with the help of a $6.2 million acquisition loan from Wells Fargo Bank, according to Catawba County public records. The asset previously changed hands in 2019 for $9.1 million, the same source reveals.

Located at 1011 Keisler Road, the distribution center is fully leased by BSN Medical Inc., which has a remaining lease term of 5 years.  Originally built in 2011 and renovated in 2009, the facility features side- and rear-load configurations, 27 dock-high doors and 82 vehicle parking spaces.

BSN Medical Distribution Facility sits on 17 acres close to Interstate 40, being 20 miles from Lincoln County Airport, 42 miles from Charlote Douglas International Airport and within 47 miles of Charlotte, N.C. Additionally, the location provides easy access to interstates 77, 26 and 85, allowing for easy national and regional access.

The JLL Capital Markets team that negotiated on behalf of the seller included Senior Managing Director Pete Pittroff, Senior Director Dave Andrews, Director Josh McArdle, Associate Michael Scarnato and Analyst Allan Parrott.

Industrial investments in Charlotte

Year-to-date through March, Charlotte had the second largest industrial sales volume across Southern markets, totaling $216 million, according to a recent CommercialEdge report. The metro’s deal volume was outperformed only by Houston’s $314 million. Charlotte industrial properties changed hands at an average sale price of $74 per square foot, the lowest in the region.

A significant industrial purchase in the area was Equus Capital Partners’ acquisition of an 1.4 million-square-foot, nine-building industrial portfolio. The company picked up the fully leased collection for $124 million.