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ATLANTA-Woodcliff Lake, NJ-based Ingersoll-Rand Co. has signed a 10-year credit lease at Highwoods Properties’ 346,500-sf Twin Lakes Distribution Center in Charlotte valued at an estimated $12.4 million. Asking average rents in the area are $3.57 per sf.

Ingersoll leased the space within six months of expiration of the prior lease, according to a statement from Highwoods which did not disclose the aggregate value of the lease or the rent schedule.

According to research by GlobeSt.com, the asking rental rate for distribution facilities in this area of the Charlotte market ranges between $3.35 per sf and $3.80 per sf.

Edward J. Fritsch, Highwoods’ executive vice president and chief operating officer, said in the statement the property accounts for “nearly 1% of our portfolio’s overall square footage.”

The transaction represents one of the largest industrial leases in the Charlotte area over the last several years.

Ingersoll, a Fortune 500 company, is a global manufacturer of a variety of industrial products, primarily in the areas of security, safety, climate control and infrastructure.

Highwoods owns or has an interest in 594 properties, or about 47 million sf, in Florida, Georgia, Iowa, Kansas, Missouri and South Carolina in addition to North Carolina.

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