DTZ Brokers Over 280K SF of Industrial Sales in Booming Charlotte Market
- Feb 23, 2015
Quinn Management has sold over 30,000 square feet of industrial property to Titan Electric Co., DTZ announced.
The sale involved two properties: a 25,095-sq.-ft. building at 2198 Wilkinson Boulevard and a 5,032-sq.-ft. property at 2130 Wilkinson Boulevard. The latter is currently occupied by Fastenal, which will stay on as a tenant. Buyer Titan Electric will move into 2198 Wilkinson Boulevard to expand its Charlotte presence.
Ford Realty Co.’s Andy Burch represented the buyer, while seller Quinn Management was represented by Charlie Ripple of DTZ’s Charlotte Industrial team.
DTZ was also involved in the recent sale of 1092 Wilson Business Parkway, a 255,168-sq.-ft. distribution center in Fort Mill, S.C. Buyer Beacon Industrial LLC, a Charlotte-based real estate investment management firm, paid $14,025,000 for the asset. Rob Cochran and Jared Londry of DTZ’s Capital Markets represented the seller, an international institutional investor.
Located in the dynamically growing Southwest Charlotte/Northern York County submarkets, 1092 Wilson Business Parkway is fully leased to Ross Stores Inc. The property is a Class A cross-docked industrial distribution center.
“While the initial investment yield is extremely low, the investor pool recognized the opportunity to achieve much higher returns in the future as the area continues its explosive growth,” Senior Managing Director, DTZ Capital Markets Rob Cochran said.
According to DTZ, Charlotte’s industrial market closed 2014 on a high note, with rents hitting $4.50 per square-foot and trending upwards. Charlotte’s industrial market registered 2.2 million square feet of net absorption, nearly 1 million square feet above historical averages.
Click here for further Charlotte market data
Image credits: Google Maps