CBRE Arranges $33.3 Million Sale of Three-Building Industrial Portfolio in Charlotte, North Carolina

CBRE has arranged the sale of a three-building industrial portfolio totaling 312,950 square feet in Charlotte, North Carolina. Faropoint purchased the properties from Beacon Partners for $33.3 million.

CBRE’s Patrick Gildea, Robert Hardaway, Matt Smith, Grayson Hawkins, Anne Johnson, Bryan Crutcher, Trey Barry and Frank Fallon represented the seller in the transaction. 

“This portfolio perfectly fits the current capital markets environment given the properties’ A-plus locations, near-term rollover and considerable opportunity to boost net operating income by marking rental rates to market,” said Gildea. “The fact that this portfolio drove such strong interest is indicative that there is a great deal of confidence and strength remaining in the industrial capital markets despite the volatile environment.” 

The buildings are located at 2101 Westinghouse Blvd., 9701 Brookford St. and 4112 Joe St., providing direct access to Interstates 77, 85 and 485.         

According to CBRE Research, over 3 million square feet of positive net absorption was recorded across the Charlotte industrial market in Q2 2023, bringing the year-to-date figure to 4.2 million square feet, 27.3% higher than the figure recorded this time last year.