Lincoln Property Pays $81M for Charlotte Industrial Portfolio
JLL negotiated the deal on behalf of the seller, BentallGreenOak.
Lincoln Property Co. has acquired Airpark West, a 626,061-square-foot industrial park in Charlotte, N.C. Canada-based BentallGreenOak sold the asset for nearly $81 million, according to the Charlotte Business Journal. JLL Capital Markets worked on behalf of the seller.
Airpark West is a logistics park composed of four Class A buildings that are offering diverse leasing opportunities. The four buildings, located at 9015, 8805, 8810 and 8710 Air Park W. Dive, have been built in phases between 2007 and 2019. The tenant roster includes Chadwell Supply, Thibaut Design and Trane Supply, as well as Pupco, which fully occupies the fourth building, CommercialEdge data shows.
The four-building portfolio is situated close to Interstates 85 and 485, 3.7 miles from Charlotte Douglas International Airport and within 5 miles of Norfolk Southern CLT Intermodal Terminal. Additionally, Airpark West is situated near Interstates 77 and 277, providing easy access to Charlotte, N.C., Concord, N.C., and Gastonia, N.C.
JLL Capital Markets’ team led by Director Dave Andrews, Senior Managing Director Pete Pittroff, Managing Director Patrick Nally and Analyst Zach Lloyd negotiated the transaction on behalf of BentallGreenOak. According to the company, Charlotte’s industrial sector continues to demonstrate strong fundamentals, with a 5.6 percent employment growth in the warehousing and transportation industry as of the third quarter.
Earlier in 2022, Westcore closed its first industrial purchase in North Carolina, with the acquisition of a two-building asset in Winston-Salem, while DRA Advisors acquired an 869,916-square-foot industrial portfolio in Charlotte, N.C., and Durham, N.C., for $71 million.