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CHARLOTTE, NC-Boston-based GID Investment Advisers LLC has acquired Greylyn Business Park, a 19-building, 648,156-sf flex/industrial and warehouse property. The property was acquired on behalf of an affiliate, Windsor Realty Fund-VII LLC, an equity co-investment joint venture between GID and several institutional investors.

Developed between 1965 and 1999, the property is currently 74% occupied. Lead tenants include Aecom Technology Corp. and Masco Contractor Services. Locally based Keystone Partners will handle leasing and management for the property.

Located on 54 acres with one-third mile of frontage on Monroe Road, the property has access to Route 74 and Interstate 485 and is located less than one mile away from one million sf of retail space, including restaurants, hotels and banks. “Greylyn is an excellent entry acquisition for GID’s Charlotte industrial portfolio,” says GID vice president of real estate acquisitions Gary Kroll. “This asset squarely meets the target acquisition criteria for the fund with its access to highway infrastructure, retail amenities and labor pool.”

According to the Case-Shiller Home Price Index, Charlotte is the top metro area for home price appreciation. The area is buoyed by strong employment and population growth. According to GID’s website, the company’s criteria for investment in industrial/flex business parks are that properties have a minimum of 150,000 rentable sf, are less than 15 years old and have an acquisition price of $10 to $60 million. “Charlotte’s demographic and employment growth keep it on our target market list and we look forward to further opportunities in this market,” Kroll says.

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