HFF announces the $70.5 million sale of a two-building, fully leased, Class A industrial portfolio totaling 764,400 square feet in Charlotte, North Carolina.
The HFF team represented the seller, The Keith Corporation.
Developed by the seller, the portfolio comprises a 599,018-square-foot building at 3725 Westinghouse Boulevard in Charlotte and a 165,382-square-foot building at 2901 Lakemont Boulevard in Fort Mill. These infill locations in the high barriers-to-entry Charlotte industrial market are both proximate to the interchange of Interstates 485 and 77, which provides unmatched regional connectivity and access to Uptown Charlotte, Charlotte Douglas International Airport and the greater Charlotte region. Both buildings house mission-critical distribution facilities. The Westinghouse Boulevard building, which was recently delivered in the second quarter of 2018, is triple net leased to Staples for its e-commerce operations. The cross-docked building represents the most technologically advanced Staples logistics facility and features a state-of-the-art robotic sorting and conveyor system across 290,000 square feet of mezzanine space (not included in building square footage) with the capability to package customized orders and provide same-day, B2B delivery to the Charlotte market. Additional building features include 36-foot clear heights and 15,600 square feet of office space. Completed in 2015, The Lakemont Boulevard building is triple net leased to Broad River Retail (Ashley HomeStore’s largest independent licensee) as its corporate headquarters and features 32-foot clear heights and high quality, two-story office space totaling 23,083 square feet.
The HFF investment advisory team representing The Keith Corporation consisted of senior managing director Chris Norvell and director Patrick Nally.
“We continue to see extremely strong investor appetite for industrial assets in the Charlotte market, particularly Class A facilities in the top submarkets,” Norvell said. “The strong demand, coupled with a limited supply of opportunities, is pushing pricing to new boundaries; however, we continue to predict that there is still further runway on Class A industrial pricing in Charlotte as we head into the second half of 2018.”
Holliday GP Corp. is a North Carolina licensed real estate broker.
About The Keith Corporation
The Keith Corporation is a full-service commercial real estate firm headquartered in Charlotte, North Carolina. Founded in 1989, TKC cultivates trust and communication with its clients by creating a fully customized approach to building their ideal product. TKC product types range from single-tenant retail to high-rise office buildings to industrial warehouses, manufacturing facilities, and state-of-the-art healthcare projects. TKC has completed over 250 projects, totaling over 27 million square feet, in every region of the United States, as well as in Canada, Mexico and the United Kingdom. Visit thekeithcorp.com for more information.
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.
