Hartz Mountain Lands 232 KSF Charlotte Warehouse
- Dec 18, 2017
Hartz Mountain Industries Inc. has acquired a 232,000-square-foot distribution facility in Charlotte, N.C. The Class A asset is 100 percent leased, and reportedly sold for $19.4 million, according to the Charlotte Business Journal. HFF represented the seller, Sun Life Financial / Bentall Kennedy.
Located at 6100 Harris Technology Blvd., on roughly 14 acres within Northwoods Business Park in Charlotte’s North submarket, the property is some 10 miles from Uptown Charlotte, the area’s largest commercial hub. Institutionally owned and maintained since it was completed in 1994, the front-load distribution warehouse features 24-foot clear heights, truck courts up to 170 feet, 34 loading doors and an ESFR sprinkler system. The multi-tenant building is fully leased to three tenants, including Iron Mountain, a Boston-based information management services company, which accounts for 72 percent of the building’s square footage.
Strong industrial submarket
“Investors have a virtually insatiable appetite for industrial assets in the Charlotte market, particularly Class A facilities. The investor demand and depth of the buyer pool that we’re seeing is on par with much larger Southeast markets in Atlanta and South Florida, yet there are very few product offerings to meet that demand,” said HFF Senior Managing Director Chris Norvell, in a prepared statement.
Norvell and Senior Managing Director Patrick Nally were part of the HFF investment advisory team representing the seller in this transaction.
At the beginning of this year, HFF worked on behalf of Hartz Mountain Industries Inc. to secure a $162 million loan for a 13-building industrial portfolio in Northern New Jersey.
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