HFF announces the $32.175 million sale of Airport Distribution Center, a fully leased, five-building industrial portfolio totaling 764,582 square feet in a premier airport location in Greensboro, North Carolina.
The HFF team represented the seller, Somerset Properties and Thackeray Partners.
Situated on 40.96 acres at 202, 204, 206, 311-F and 311-G North Chimney Rock Road, Airport Distribution Center is minutes from Piedmont Triad International Airport (PTI) and the FedEx Mid-
Atlantic Hub, the carrier’s fifth largest U.S. hub. The exceptional location provides easy access to a network of interstates, including 40, 85, 73 and 74. The facilities were constructed between 1981 and 1987 and have each had significant capital improvements completed throughout the years, including ESFR sprinkler systems, T5 lighting, new dock levelers and updated office areas. Airport Distribution Center’s front-loading facilities feature pre-engineered block construction, clear heights ranging from 24 to 35 feet and rail access to 316,532 square feet of space within buildings 311F and 311G.
The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally.
Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.
About Somerset Properties
Somerset Properties is a Philadelphia based full-service real estate firm that owns and operates 6.5 million square feet of commercial real estate properties in the eastern United States. Somerset Properties has been delivering first-class real estate services to its clients and above market returns to its investors for over 30 years. Visit http://somprop.com for more information.
About Thackeray Partners
Founded in 2005, Thackeray Partners is a real estate investment firm seeking a diversified portfolio of stabilized, value-add, and development opportunities in industrial and multifamily properties throughout the United States, with a balance of income and capital appreciation on behalf of its partners. Thackeray invests in real estate through a series of private equity funds. The limited partners of Thackeray’s funds consist primarily of university and hospital endowments, charitable foundations, and U.S. based family offices. Since inception, Thackeray has closed on joint venture and direct real estate transactions totaling over $4.6 billion, representing equity placements of over $930 million. Total investment activity includes over 190 separate transactions representing approximately 20,500 apartment units and 19.1 million square feet of industrial space. For more information, visit www.thackeraypartners.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
