Crossroad Distribution Center Reaches 95% Occupancy

CHARLOTTE, NC-Crossroad Distribution Center is filling up fast. With its latest deal, the Charlotte-based industry property is 95% occupied. Newport Beach, CA-based KBS Realty Advisors inked a new 26,933-square-foot lease with Cosentino North America at its 496,347-square-foot asset in one of Charlotte’s premiere industrial corridors.

Scott Hensley of Piedmont Properties/CORFAC International in Charlotte represented Cosentino North America. Barb Jespersen and Lane Holbert in Cassidy Turley’s Charlotte office represented KBS.

“Charlotte’s industrial market has improved in the past few months with more new tenants entering the space,” Robin Burke, senior vice president and asset manager at KBS, tells GlobeSt.com. “This deal is representative of the positive industrial absorption we have seen in Charlotte over the past two quarters.”

Cassidy Turley reports a declining vacancy rate of 8.5% in Charlotte, thanks to strong net absorption over the second quarter. The firm predicts a strong second half of 2011. With no new product under construction, warehouse activity is expected to continue to decrease, possibly to 8% by the end of the year, Cassidy Turley predicts, and asking rental rates are starting to increase again.

“Renewed interest from new and expanding companies continues to drive the Charlotte industrial market,” Burke says. “Charlotte also has important transportation options that will continue to attract the interest of industrial tenants.”

Acquired by KBS in 2008, Crossroads Distribution Center is a class A, four-building business complex located near the I-77/Westinghouse Road interchange. That’s about 15 minutes from Charlotte Douglas International Airport. 

Crossroads offers I-77 frontage, which has helped it attract showroom-type users. Developed between 1998 and 2007, the asset is also home to Stark Carpets, Triton Stone, Europa, American Furniture Rentals, Clopay, Moulding & Millwork and Piedmont National, among others.