CHARLOTTE—Marking one of the largest industrial sales in the Southeast in recent years, Prologis just made a big move in Charlotte. The industrial real estate owner and operator snapped up a 252,206-square-foot portfolio near the Charlotte Douglas International Airport in North Carolina.
Erik Foster and Mike Wilson of Avison Young‘s National Industrial Capital Markets Group, in coordination with Chris Skibinski, who leads Avison’s industrial efforts in Charlotte, brokered the sale. Avison represented the seller, institutional developer Sykes Industrial Solutions.
“This is a perfect example of our principal-led culture at Avison Young properly aligning brokerage resources in order to bring such a unique asset to the market,” Foster, practice leader of Avison’s Industrial Capital Markets Group, tells GlobeSt.com. “This portfolio provides a tremendous opportunity for the new owner to invest in two high quality distribution facilities with the potential for improving cash flow through additional leasing.”
The two-building Sykes portfolio includes 2405 and 2415 Sam Wilson Road, respectively, in Charlotte. The buildings are in the Sykes Industrial Park West development, a 27-acre project off of Interstate 85 that intersects with Interstate 485 a quarter mile east. The industrial property is about 10 minutes from the new 70-acre intermodal facility under development at the Charlotte Douglas International Airport.
“The new intermodal facility, which is expected to bring $7 billion in business to the region over the next 20 years, is a huge draw for tenants looking to expand their regional and national distribution networks,” Skibinski tells GlobeSt.com. “This is an attractive option for an investor looking to buy two top quality assets to increase occupancy and boost long term value.”
Developed in 2009 by Sykes, the buildings offer 40-foot clear ceiling heights, eight-inch reinforced concrete floors, and 45-foot-by-50-foot column spacing. Both buildings have 40 dock doors and spaces for 122 cars and 20 trucks.
In terms of occupancy, Sykes Industrial Building I is 100% leased to CTDI, a global communications company. Sykes Industrial Building II is 64% to Special Logistics Services, a national distribution solutions company.