764 KSF Industrial Portfolio Changes Hands in Charlotte
- Jul 24, 2018
The Keith Corp. has sold two industrial buildings that the company developed in the Charlotte metropolitan area. Fully leased, the assets traded for $70.5 million. The portfolio comprises a 599,018-square-foot building at 3725 Westinghouse Blvd. in Charlotte, N.C., and a 165,382-square-foot building at 2901 Lakemont Blvd. in Fort Mill, S.C. HFF assisted the seller in this transaction.
Located near the interchange of interstates 485 and 77, the two Class A buildings provide easy access to Uptown Charlotte, Charlotte Douglas International Airport and the greater Charlotte region. Staples is the only tenant of the recently completed Westinghouse Boulevard building. The company uses the property as its e-commerce operations center. The cross-docked building features 36-foot clear heights and 15,600 square feet of office space.
Completed three years ago, the Lakemont Boulevard building is triple-net leased to Broad River Retail, Ashley HomeStore’s largest independent licensee, as its headquarters. The asset features 32-foot clear heights and a 23,083-square-foot, two-story office space.
“The strong demand, coupled with a limited supply of opportunities, is pushing pricing to new boundaries. However, we continue to predict that there is still further runway on Class A industrial pricing in Charlotte as we head into the second half of 2018,” HFF Senior Managing Director Chris Norvell said in prepared remarks.
Norvell and Director Patrick Nally represented The Keith Corp. in the deal. The team recently represented the sellers in the disposition of Airport Distribution Center in Greensboro, N.C.
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