{"id":1004686404,"date":"2023-10-19T02:55:13","date_gmt":"2023-10-19T10:55:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004686404"},"modified":"2023-10-19T02:55:14","modified_gmt":"2023-10-19T10:55:14","slug":"north-carolina-industrial-portfolio-changes-hands-for-105m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/north-carolina-industrial-portfolio-changes-hands-for-105m\/","title":{"rendered":"North Carolina Industrial Portfolio Changes Hands for $105M"},"content":{"rendered":"
\"An<\/a>

The Triad Industrial Portfolio spreads across nearly 126 acres. Image courtesy of JLL Capital Markets<\/em><\/p><\/div>\n

Blue Ridge Industrial<\/strong>, a Dallas-based real estate private equity firm, has acquired a 28-property light industrial portfolio totaling 1.4 million square feet in North Carolina\u2019s Triad region. An affiliate of Dogwood Industrial Properties<\/strong> sold the assets for $105 million.<\/p>\n

JLL Capital Markets<\/strong> arranged the acquisition financing for BRI, securing a five-year, floating rate loan through an entity managed by Argentic Investment Management<\/strong>. The Debt Advisory team was led by Senior Managing Director Jim Curtin and Director Jarrod McCabe.<\/p>\n

\n

READ ALSO:<\/strong> The Complexities of CRE\u2019s Transaction Paralysis<\/a><\/p>\n

\n

The portfolio, located in Kernersville and Winston-Salem, N.C., was 96.4 percent leased at the time of sale to a diverse roll of 66 tenants. Key features include average clear heights of 23 feet with 306 total dock-high doors and a combination of front-, rear-, side- and cross-dock load configurations. The average building size is approximately 50,000 square feet.<\/p>\n

The assets provide immediate access to interstates 40 and 85. Kernersville is 10 miles east of Winston-Salem and 17 miles west of Greensboro, N.C. Winston-Salem is 25 miles west of Greensboro and nearly 70 miles northeast of Charlotte, N.C.<\/p>\n

Most of the properties in the nearly 126-acre portfolio are in the South Park Business Center in Kernersville, between Interstate 40 and Salem Parkway. Developed by Pope Cos., the industrial campus entered Dogwood’s portfolio in 2019, according to the Winston-Salem Journal<\/em>.<\/p>\n

The newspaper also reported the sale to BRI included the Hill\u2019s Pet Nutrition campus at 4300 Old Greensboro Road in Winston-Salem. The 115,000-square-foot property came online in 1980, CommercialEdge data<\/a> shows.<\/p>\n

BRI, Dogwood presence in North Carolina<\/h2>\n

Founded in 2018 by Michael Trapani and Nate Leifeld, BRI has since acquired 75 buildings in six markets totaling 3.4 million square feet. In addition to the newly acquired North Carolina assets, the company owns five properties in Greensboro.<\/p>\n

Global investment firm TPG<\/strong> established Dogwood in 2019. Since then, Dogwood has acquired more than 12 million square feet of infill, multi-logistics space across more than 130 buildings in high-growth U.S. metropolitan areas. The firm’s portfolio, comprising light bulk and shallow bay distribution facilities in last-mile locations, also includes 900 Aviation Parkway, a 580,326-square-foot building in Morrisville, N.C.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL Capital Markets provided Blue Ridge Industrial with acquisition financing.<\/p>\n","protected":false},"author":1068,"featured_media":1004686425,"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":[32796,36767],"class_list":["post-1004686404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","tag-jll","tag-tpg-real-estate"],"acf":[],"yoast_head":"\nNorth Carolina Industrial Portfolio Changes Hands for $105M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Blue Ridge Industrial has paid $105 million for a 28-property portfolio totaling 1.4 million square feet in North Carolina\u2019s Triad region.\" \/>\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\/north-carolina-industrial-portfolio-changes-hands-for-105m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"North Carolina Industrial Portfolio Changes Hands for $105M\" \/>\n<meta property=\"og:description\" content=\"Blue Ridge Industrial has paid $105 million for a 28-property portfolio totaling 1.4 million square feet in North Carolina\u2019s Triad region.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/north-carolina-industrial-portfolio-changes-hands-for-105m\/\" \/>\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=\"2023-10-19T10:55:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-19T10:55:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Triad-Industrial-Portfolio-e1697709803899.png?w=959\" \/>\n\t<meta property=\"og:image:width\" content=\"959\" \/>\n\t<meta property=\"og:image:height\" content=\"719\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\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\/north-carolina-industrial-portfolio-changes-hands-for-105m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/north-carolina-industrial-portfolio-changes-hands-for-105m\/\",\"name\":\"North Carolina Industrial Portfolio Changes Hands for $105M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/north-carolina-industrial-portfolio-changes-hands-for-105m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/north-carolina-industrial-portfolio-changes-hands-for-105m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Triad-Industrial-Portfolio-e1697709803899.png\",\"datePublished\":\"2023-10-19T10:55:13+00:00\",\"dateModified\":\"2023-10-19T10:55:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"description\":\"Blue Ridge Industrial has paid $105 million for a 28-property portfolio totaling 1.4 million square feet in North Carolina\u2019s Triad region.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/north-carolina-industrial-portfolio-changes-hands-for-105m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/north-carolina-industrial-portfolio-changes-hands-for-105m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/north-carolina-industrial-portfolio-changes-hands-for-105m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Triad-Industrial-Portfolio-e1697709803899.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Triad-Industrial-Portfolio-e1697709803899.png\",\"width\":959,\"height\":719,\"caption\":\"The Triad Industrial Portfolio spreads across nearly 126 acres. 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