{"id":1004714597,"date":"2024-05-23T02:37:14","date_gmt":"2024-05-23T10:37:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004714597"},"modified":"2024-05-23T02:37:16","modified_gmt":"2024-05-23T10:37:16","slug":"kbs-lands-38m-for-charlotte-industrial-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kbs-lands-38m-for-charlotte-industrial-campus\/","title":{"rendered":"KBS Lands $38M for Charlotte Industrial Campus"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Crossroads
Crossroads Distribution Center, now refinanced with $38 million. Image courtesy of KBS<\/em><\/figcaption><\/figure><\/div>\n\n\n

KBS has obtained a $38.4 million loan for the refinancing of Crossroads Distribution Center, a four-building, 496,723-square-foot industrial campus in Charlotte, N.C.\u2019s Airport submarket. <\/p>\n\n\n\n

The note supplants an existing $28.8 million refinancing arrangement originated by Citizens in 2020. Joe Donato, a vice chairman at Newmark, led the team that worked on behalf of borrower.<\/p>\n\n\n\n

At the Carolinas\u2019 crossroads<\/h2>\n\n\n\n

KBS bought the Crossroads Distribution Center in 2008 for $26 million, according to CommercialEdge information. The campus, primarily intended for warehousing and distribution users, was built over a nine-year period from 1998 to 2007 and includes facilities ranging from 70,581 to 152,080 square feet.<\/p>\n\n\n\n

All the buildings, labeled I through IV, are on Granite Street, roughly 10 miles southwest of downtown Charlotte. The warehouses have tilt-up walls and clear heights ranging from 24 to 30 feet, being surrounded by 110- to 140-foot truck courts and 50-foot concrete aprons. On-site amenities include a lounge and fitness center, as well as a car wash and detailing shop.<\/p>\n\n\n\n

\n\n\n\n

READ ALSO:<\/strong> NAIOP Sentiment Index Points to Rising Optimism<\/a><\/p>\n\n\n\n

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According to KBS, many of the property\u2019s tenants sell and ship imported products. Charlotte Douglas International Airport is 6 miles north of the campus.<\/p>\n\n\n\n

Crossroad Distribution Center is surrounded by many neighbors in the warehousing sector, including distribution centers used by Amazon and Frito-Lay. Other local businesses leasing space in the area are primarily in the masonry, piping, food distribution and refrigeration sectors. <\/p>\n\n\n\n

On the opposite side of Granite Street, Crossroads faces Interstate 77, with connections to interstates 277, 485 and 85, all within 13 miles. The state\u2019s border with South Carolina is half a mile in the opposite direction.<\/p>\n\n\n\n

KBS\u2019 Southern activities<\/h2>\n\n\n
\n
\"Providence
Providence Towers, now financed through 2029. Image courtesy of KBS<\/em><\/figcaption><\/figure><\/div>\n\n\n

Around the same time as the Crossroads refinancing, KBS also extended the maturity date of an $76 million loan encumbering Providence Towers, a 510,529-square-foot office complex in Farmers Branch, Texas. CommercialEdge shows that the note, provided by PNC Bank, was originally set to mature in 2027. The property is now financed through 2029.<\/p>\n\n\n\n

The firm purchased the Class A building in 2009 and renovated it three years later. Its current tenants are in the insurance, legal, government and financial services sectors. Transwestern currently handles leasing at the property.<\/p>\n\n\n\n

KBS has been active in the Lone Star State\u2019s industrial sector as well. Last month, the firm sold two properties in Austin and Houston. <\/p>\n\n\n\n

A 1031 investor represented by\u00a0MIG Real Estate acquired the Austin property, a 260,112-square-foot light industrial campus<\/a> that came online in 2002. The 222,750-square-foot light industrial complex in Houston<\/a> was sold to HPI Holdings LLC.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Newmark team facilitated the refinancing deal.<\/p>\n","protected":false},"author":3012,"featured_media":1004714598,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,37753,21748,21742,32781],"tags":[33925,43841,50999,36928],"class_list":["post-1004714597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-research-center-finance","category-industrial","category-latest","category-southeast","tag-citizens-bank","tag-kbs","tag-newmark","tag-pnc-bank"],"acf":[],"yoast_head":"\nKBS Lands $38M for Charlotte Industrial Campus - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"KBS has obtained a $38.4 million refinancing loan for Crossroads Distribution Center, an industrial campus located in Charlotte, N.C.\" \/>\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\/kbs-lands-38m-for-charlotte-industrial-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KBS Lands $38M for Charlotte Industrial Campus\" \/>\n<meta property=\"og:description\" content=\"KBS has obtained a $38.4 million refinancing loan for Crossroads Distribution Center, an industrial campus located in Charlotte, N.C.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kbs-lands-38m-for-charlotte-industrial-campus\/\" \/>\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=\"2024-05-23T10:37:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-23T10:37:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Crossroads_Gallery_09-e1716414087942.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2001\" \/>\n\t<meta property=\"og:image:height\" content=\"1501\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\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\/kbs-lands-38m-for-charlotte-industrial-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kbs-lands-38m-for-charlotte-industrial-campus\/\",\"name\":\"KBS Lands $38M for Charlotte Industrial Campus - 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