CBRE Group, Inc. is pleased to have arranged the sale of CLT Logistics Center in Charlotte, NC. Patrick Gildea, Bryan Crutcher and Anne Johnson exclusively represented the seller, Carlson Real Estate, in the transaction. The portfolio sold to Meritex for $46.25 million on August 10, 2016, and represents the first investment in Charlotte for the Minneapolis-based real estate investment company.
The sale of CLT Logistics Center, located at 3100–3401 International Airport Dr. and 3100–3140 Yorkmont Dr., consisted of a 583,021-square-foot business park and 14.87 acres of additional land. CLT Logistics Center features high dock-door counts that exceed market average, large truck courts and wide truck entrances.
CLT Logistics Center is located in Charlotte’s Southwest Industrial submarket—the city’s largest submarket—which at nearly 50.8 million square feet comprises 31.6% of Charlotte’s overall Industrial market. As of second quarter 2016, the Southwest submarket witnessed 22 consecutive quarters of positive absorbency and a year-over-year rental rate increase of 11.1%.
Patrick Gildea commented, “Well-located, Class-A industrial portfolios in the Charlotte market are in extremely high demand, particularly because they are rare. We garnered interest from a wide variety of institutional and private capital sources from around the nation.”
Anchor tenants include Bimbo Bakeries, FedEx and DC74 Data Centers.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
