{"id":1004601656,"date":"2022-09-06T02:35:20","date_gmt":"2022-09-06T10:35:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004601656"},"modified":"2022-12-08T12:29:04","modified_gmt":"2022-12-08T20:29:04","slug":"westcore-enters-north-carolina-industrial-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/westcore-enters-north-carolina-industrial-market\/","title":{"rendered":"Westcore Enters North Carolina Industrial Market"},"content":{"rendered":"
\"Union<\/a>

Union Cross Industrial Center. Image courtesy of Cushman & Wakefield<\/p><\/div>\n

Westcore<\/strong> has entered the North Carolina market with the acquisition of a two-building industrial portfolio in Winston-Salem.<\/p>\n

The firm acquired Union Cross Industrial Center for $36.9 million from Front Street Capital<\/strong>, which developed the property in 2019. Cushman & Wakefield<\/strong> represented the seller, while Westcore represented itself in the deal.<\/p>\n

The Class A industrial portfolio includes a 140,000-square-foot building and a 200,000-square-foot building. The two Class A warehouses were developed with 32-foot clear heights, trailer parking, concrete tilt-wall construction, ESFR sprinkler systems, LED lighting and truck courts between 140 feet and 180 feet. The 200,000-square-foot building also features a cross-dock configuration.<\/p>\n

\n

READ ALSO<\/strong>: The Benefits of Multi-Tenant Industrial Real Estate<\/a><\/p>\n

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The portfolio is fully leased as distribution company Bunzl<\/strong> occupies the entirety of the larger property at 4991 Millennium Drive, while another distribution company SouthernCarlson<\/strong> completely occupies the 4980 Millennium Drive building.<\/p>\n

The properties are located in the Southeast Forsyth submarket of Winston-Salem, N.C., giving tenants easy access to Interstates 40, 74 and 285, while also being approximately 17 miles away from Piedmont Triad International Airport.<\/p>\n

According to Westcore, the 200,000-square-foot building that Bunzl occupies can be expanded by 110,000 square feet. Hack Adams, managing director at Westcore, told Commercial Property Executive<\/em> that the firm anticipates expanding the Bunzl building during its ownership, but that the expansion will likely be determined by Bunzl.<\/p>\n

North Carolina\u2019s industrial market<\/h2>\n

The acquisition of Union Cross Industrial Center marks Westcore\u2019s first property in the North Carolina market. The firm acquires industrial assets in key infill markets across the U.S., but a large portion of its portfolio is located in western states.<\/p>\n

Last month, Westcore broke ground<\/a> on a two-building business park totaling 906,125 square feet in Glendale, Ariz., along with its joint venture partner Ryan Cos<\/strong>. The firm has also been investing in Texas markets as it broke ground on a 301,120-square-foot warehouse project<\/a> in Rockwall, Texas, in the Dallas area.<\/p>\n

Adams said in prepared remarks that most of Westcore\u2019s recent investment activity has been focused on western states and Texas, but the firm recognized the strength of the Carolinas market.<\/p>\n

\u201dWe like the underlying fundamentals of North Carolina as a whole, as well as the Triad market, which is experiencing both healthy industrial and population growth,\u201d Adams told CPE<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Union Cross Industrial Center in Winston-Salem sold for $36.9 million.<\/p>\n","protected":false},"author":883,"featured_media":1004601666,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742],"tags":[32799,34163],"class_list":["post-1004601656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","tag-cushman-wakefield","tag-westcore-properties"],"acf":[],"yoast_head":"\nWestcore Enters North Carolina Industrial Market - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Westcore has entered the North Carolina market with the acquisition of Union Cross Industrial Center in Winston-Salem.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/westcore-enters-north-carolina-industrial-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Westcore Enters North Carolina Industrial Market\" \/>\n<meta property=\"og:description\" content=\"Westcore has entered the North Carolina market with the acquisition of Union Cross Industrial Center in Winston-Salem.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/westcore-enters-north-carolina-industrial-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-06T10:35:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:29:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/Union-Cross.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"805\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westcore-enters-north-carolina-industrial-market\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/westcore-enters-north-carolina-industrial-market\/\",\"name\":\"Westcore Enters North Carolina Industrial Market - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westcore-enters-north-carolina-industrial-market\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westcore-enters-north-carolina-industrial-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/Union-Cross.jpg\",\"datePublished\":\"2022-09-06T10:35:20+00:00\",\"dateModified\":\"2022-12-08T20:29:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"description\":\"Westcore has entered the North Carolina market with the acquisition of Union Cross Industrial Center in Winston-Salem.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westcore-enters-north-carolina-industrial-market\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/westcore-enters-north-carolina-industrial-market\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westcore-enters-north-carolina-industrial-market\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/Union-Cross.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/Union-Cross.jpg\",\"width\":805,\"height\":600,\"caption\":\"Union Cross Industrial Center. 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