Exeter Property Group Buys Charlotte Mixed-Use
- Sep 07, 2018
Exeter Property Group has completed another North Carolina acquisition. The company purchased South Point, a 72,850-square-foot warehouse and office park in the Southwest submarket of Charlotte. LNR Partners sold the Class A property for $7.5 million. A CBRE team represented the seller.
Located at 13509 South Point Blvd., the mixed-use asset came online in 1997 and was 87.9 percent leased at the time of sale. South Point’s largest tenant, Intermec Technologies, leases roughly 43,000 square feet and has occupied its space since the late 1990s. Another notable tenant is Powertec Industrial Motors, occupying almost 22,000 square feet.
South Point features dock high-loading doors, functional office layouts and ample parking. The property is within a five-minute drive of Interstate 485 and less than 2 miles from Interstate 77, while Charlotte Douglas International Airport is only 15 minutes away.
CBRE Executive Vice President Patrick Gildea, Senior Vice Presidents Bryan Crutcher and Anne Johnson, along with Senior Associate Matt Smith, worked on behalf of LNR Partners in the deal. According to a CBRE report, Charlotte’s Southwest submarket is the metro’s largest industrial market, with an inventory of more than 76.8 million square feet and an overall vacancy rate of 5.5 percent. More than 56 percent of Charlotte’s 2018 absorption activity took place within the submarket.
“Exeter’s continued investment in Charlotte speaks to the strength of the market’s fundamentals today and the potential for growth in the future. The limited trading of industrial product in the Charlotte market has led to larger institutional investors pursuing one-off opportunities that would traditionally be below their target size,” Smith explained in a prepared statement.
Image courtesy of CBRE