The Meritex facility, which includes 114,800 sf ofair-conditioned space, is within one of four general purchaseforeign trade zones in the Memphis area, and possesses active railspurs with service provided by Burlington Northern Santa Fe. Thebuilding provides access to Interstate 240, Highway 78 and theMemphis International Airport, which is less than 10 mileswest.


The Wix facility is on 37 acres about five miles west ofdowntown Charlotte. The property is near Interstate 85, andprovides access to Interstates 75, 26, 77, 40 and 95.


These two acquisitions follow the company's purchase of a13-building office/industrial portfolio at Imperial Center BusinessPark in Durham, NC in December for $115 million. Crown Realty chiefinvestment officer Scott San Filippo tells that thecompany had traditionally operated in California and Phoenix, butdecided to invest in the Southeast due to its strong fundamentals."We're very bullish on Tennessee, the Carolinas, Florida andTexas," Filippo says. "We acquired these assets because they arefunctional real estate with a good tenant in place."


Crown Realty senior analyst James Mohon represented the companyin the Memphis transaction, which was brokered by a CB RichardEllis investment sales team, including Johnny Lamberson and FrankQuinn. Crown EVP Ken Groat represented the company in the Gastoniatransaction, which was brokered by a Michigan-based Cushman &Wakefield investment sales team, including executive directorJeffrey Shell and associate director John Ecclestone. Filippo saysthe company is planning to invest $300 to $500 million in theSoutheast in the next 12 to 18 months and anticipates closing adeal in South Carolina in the next few weeks.

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