Adler Kawa Real Estate Advisors Picks Up Shopton Ridge for $33M
- Apr 23, 2015
By Eliza Theiss, Associate Editor
While Charlotte’s apartment and office market garner all the attention, the Queen City’s industrial market is also experiencing a growing interest from national investors.
Adler Kawa Real Estate Advisors’ (AKREA) purchase of the 422,400-square-foot Shopton Ridge industrial/office complex comes hot on the heels of two other high-profile transactions: the 123,200-square-foot South Point Business Center’s sale and the $55 million disposition of one-million-square-foot RSI Distribution Center.
According to The Charlotte Observer, the Florida-based real estate firm paid $33 million for the property, which it acquired from Trinity Capital Advisors and PCCP LLC. CBRE’s Charlotte office represented the seller. AKREA’s previous Charlotte acquisitions include the 223,850-square-foot Carmel Executive Park, purchased for $25 million in August 2013, and the 249,000-square-foot Oak Hill Business Park, purchased in August 2014 for $16.6 million.
AKREA purchased the property with a group of co-investors through Adler Kawa Acquisitions LLC for Adler Kawa Real Estate Fund II. Targeting office and industrial acquisitions, the fund has to date deployed about 90 percent of its $56 million capital by purchasing properties totaling two million square feet of space. The assets purchased through Adler Kawa Real Estate Fund II are valued at close to $200 million, while its precursor Adler Real Estate Fund amassed 4.5 million square feet of assets valued at over $460 million. AKREA is organizing a third fund.
Located in Charlotte’s Southwest industrial submarket, Shopton Ridge features 422,400 square feet of Class A space with easy access to I-85, the Southeast’s primary industrial route, I-485 and I-77, and Charlotte Douglas International Airport. The property was built between 2005 and 2008 and is currently 90.77 percent leased. Its tenant roster includes Cardinal Health, ScentAir, Pinpoint Warehousing, Linde Gas and Rent-a-Center. Trinity Partners’ Bill Wood has been contracted as third-party leasing agent, while Adler Realty Services, an AKREA affiliate, will act as property manager.
The Southwest submarket absorbed 600,000 square feet in 2014, registering the highest rate within Charlotte. The Southwest submarket also boasts a 9 percent year-over-year rent growth.
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Image courtesy of Adler Kawa Real Estate Advisors