CBRE Facilitates Sale of 212,000-SF Warehouse and Distribution Facility in Charlotte, N.C.

CBRE has arranged the all-cash sale of Cordage, a Class A warehouse and distribution facility in Charlotte’s Arrowood industrial area, to Boston-based TA Realty.

CBRE’s Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, Grayson Hawkins, Robert Hardaway, Frank Fallon and Trey Barry negotiated the transaction on behalf of the seller, Charlotte-based Childress Klein.

Located at 11540 Cordage Street, Cordage is a 212,000-sq.-ft. warehouse and distribution facility with 15,519 square feet of dedicated office space. The facility was constructed in 2020 by Childress Klein and comprises smaller unit sizes with modern features, including 30’ clear height, an ESFR sprinkler system, LED lights, 56 dock doors (six drive-in), and 50’ by 50’ column spacing with a 60’ speed bay. The property also includes a 130’-deep truck court with a 60’ concrete apron and 223 parking spaces. It was 100 percent occupied by eight tenants at the time of sale.

“Charlotte has experienced more new construction in the last few years than ever before, however the vacancy rate continues to decline because of what feels like insatiable demand,” said CBRE’s Gildea. “Supply for smaller and mid-bay product has been more tempered, which drove incredible demand for Cordage.”

Cordage sits on 17.08 acres in Charlotte’s Southwest industrial submarket just minutes west of the I-77 and I-485 interchange. The location is a gateway from the Carolinas up through the Mid-Atlantic states and Eastern Seaboard and down through Greenville, S.C., and Atlanta for bulk users serving the Southeast.

Charlotte’s market-wide industrial vacancy rate dropped to an all-time low of 2.60 percent due to unprecedented leasing activity in the first quarter of 2022, according to CBRE Research. In that same period, the Southwest industrial submarket accounted for nearly 90 percent of total market activity and a significant amount of overall development activity, with more than 3.1 million square feet under construction.