Clarion Partners Buys $201M Charlotte Logistics Park
- Nov 26, 2020
Beacon Partners has sold Metrolina Park, an eight-building industrial complex encompassing almost 1.9 million square feet in Charlotte, N.C. Clarion Partners acquired the warehouses on behalf of one of its funds, for a total of $201 million, according to Mecklenburg County records.
As part of the transaction, the new owner assumed the existing debt that encumbered the properties. TIAA provided several notes to the seller and developer between 2015 and 2020, per public records.
Metrolina Park spreads across 114 acres. The properties are located at 4901, 5224 and 5321 Gibbon Road; 7110 Expo Drive; 7224, 7320, 7335 and 7600 Statesville Road. Three of the facilities were built between 1996 and 2006, while the remaining five were delivered between 2017 and 2018. The warehouses vary in size between 135,105 square feet and 495,950 square feet.
The asset is within 2 miles of Interstate 77, which also provides access to interstates 85 and 485. The campus is 12 miles northeast of Charlotte Douglas International Airport and 7 miles north of the city center. Other companies along the I-77 industrial corridor include Bonded Logistics, WESCO Distribution and US Foods.
JLL Capital Markets Senior Managing Directors Pete Pittroff and Travis Anderson, Senior Director Patrick Nally, President Jody Thornton, along with Analyst Dave Andrews, assisted the seller in the transaction.
Earlier this month, Clarion Partners closed the $90 million disposition of a 257,489-square-foot trophy office asset in Fall Church, Va. Apollo Global Management acquired the eight-story building.