By Laura Calugar
Following last year’s acquisition of a 232,000-square-foot distribution facility in Charlotte, N.C., Hartz Mountain Industries has purchased Crescent Communities’ Lakemont East building in Fort Mill, S.C. The Class A property is a recently constructed 201,788-square-foot industrial facility in Charlotte’s most land-constrained submarket. CBRE worked on behalf of the seller in the transaction.
Situated on almost 20 acres between Springhill Farm Road and Pineville-Rock Hill Road, the property provides immediate access to the junction between interstates 77 and 485. Lakemont East features 32-foot clear height, ample parking with 135 spaces and 20 loading docks. The property can accommodate multiple tenants or a large single user. Lakemont East is part of the 864-acre Lakemont Industrial Park, where Crescent Communities developed more than five million square feet of space.
According to CBRE’s Southeast Real Estate Market Outlook 2018, the Charlotte market is very strong from a capital markets and leasing standpoint and is expected to sustain momentum for the next couple of years. The strengthening fundamentals of the metro’s industrial market have also influenced the investment sales market, where scarcity of product and high demand have resulted in pricing increases.
“As industrial has become a preferred product type nationally, we have witnessed stronger interest in the Charlotte market than ever before. Charlotte’s unwavering fundamentals, combined with a lack of available ‘for-sale’ product, will continue to drive pricing,” said CBRE Capital Markets Executive Vice President Patrick Gildea, in prepared remarks.
Gildea, Anne Johnson, Bryan Crutcher and Matt Smith represented the seller.
Image courtesy of CBRE