X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.