(To read more on the industrial market, click here.)

CHARLOTTE, NC-In an industrial market that has seen continued growth absorption, a two-building portfolio has changed hands. Los Angeles-based Fort Properties, Inc. purchased the 204,800-sf portfolio from American Asset Corp. for $26 million.

The deal involves two buildings within the Whitehall Corporate Center and Technology Park--a 109,600-sf multi-tenant warehouse/call center at 2745 Whitehall Park Dr. and a 95,200-sf multi-tenant warehouse building at 2915 Whitehall Park Dr.Built in 1999, 2745 Whitehall Park Dr. is on 9.75 acres, with an additional 7.52 which can be used as a 1,096-car parking lot or for future expansion, according to Venture One Real Estate, LLC, which brokered the deal. It is 100% leased with Sprint Nextel Corp. occupying 90,000 sf and Suppression Technologies, Inc. occupying the remaining 19,600 sf.

Built in 2000, 2915 Whitehall Park Dr. sits on 6.43 acres and has parking for 153 cars. The building is 93% leased with Maag Pump Systems, a division of Textron, occupying 44,000 sf; Bunkett Fluid Control Systems occupying 16,000 sf; Sylvania Lighting Services, a division of Siemens AG, occupying 12,800 sf; Maverick Technologies occupying 9,600 sf; and Cricket Communications, a operating subsidiary of Leap Wireless International, occupying 6,400 sf, Venture One says.

Venture One represented the seller in the transaction, with principals Roy Splansky and Marke Goode serving as exclusive listing agents with David Kirby of First Commercial Partners, Inc. Splansky tells GlobeSt.com that the portfolio attracted interest from several institutional buyers and was on the market for 45 days, which is typical for the market, he adds.

"On a per foot basis, this was a good deal," Splansky says, adding that the healthy rent from long-time tenant Sprint helped generate the interest and the deal price.

According to Colliers Pinkard Year-End 2005 Industrial Market Report for the area, the latest one available, Charlotte's industrial warehouse market continues to lead all sectors. Last year "was a record setting year on the industrial warehouse side illustrated by the fourth quarter vacancy rates dropping for the eighth straight quarter to 9.7%," the report states.

Instant Insights /

Industrial Portfolio Sells for $26M

Related Stories

Recommended For You