CBRE Arranges Sale of Remaining Two Buildings of Industrial Portfolio in Charlotte, North Carolina

CBRE has arranged the sale of two industrial buildings totaling 161,887 square feet in Charlotte, North Carolina, to Faropoint. The purchase completes Faropoint’s acquisition of the Charlotte Infill Industrial Portfolio, after purchasing the previous three properties from Beacon Partners in September 2023.

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

“Industrial has clearly been elevated to the preferred asset class among investors through the ongoing volatility in the capital markets,” said Gildea. “This portfolio’s bulletproof location, mark to market opportunity and near-term rollover is indicative of the target profile in an environment where capital allocators are hyper-selective on the assets in which they invest. The industrial market continues to show fundamental strength and resilience despite macro-economic uncertainty.”

Located at 12210 and 12140 Vance Davis Drive, the two properties sit at the I-77/I485 northern interchange, an infill location near Charlotte’s Center City & Charlotte Douglas International Airport. They feature clear heights of 24 ft. and 32 ft. with ample parking, a laydown yard and building and parking expansion opportunities.

The two buildings were 100% occupied at the time of the sale.

According to CBRE Research, nearly 3.5 million square feet of positive net absorption was recorded across the Charlotte industrial market in Q3 2023, bringing the year-to-date figure to 7.2 million square feet. Strong development activity continued with 15.7 million square feet underway at the end of the quarter.