Apr
07

Charlotte Business Park Sold

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Shopton Ridge Business ParkCBRE’s Charlotte, NC, office has finalized the sale of Shopton Ridge Business Park in Charlotte, NC. CBRE’s Patrick Gildea, Anne Johnson and Bryan Crutcher led the sale on behalf of the seller, Trinity Capital Advisors and PCCP, LLC. The property sold to Adler Kawa Acquisitions, LLC on April 1, 2015.

Shopton Ridge Business Park is a Class-A industrial property consisting of 422,400 sq. ft. The property is located within the Southwest submarket in Charlotte. Shopton Ridge Business Park offers unparalleled access to I-485 and excellent proximity to I-85 and I-77, with direct access to the airport.

In 2014, the Southwest submarket experienced the highest annual Charlotte market absorption rate with approximately 600,000 sq. ft. absorbed. The Southwest submarket has also experienced growth in rental rates with an increase of 9% in the past 12 months.

Anchor tenants in the property include Cardinal Health, Linde Gas, Pinpoint Warehousing and ScentAir.

Patrick Gildea commented, “We were very pleased with the interest level from prospective buyers. The capital for office warehouse product was relatively thin 12–24 months ago. As the market has continued to improve, the buyer pool for this type of product has increased substantially.”

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