New York Life Buys $49M Portfolio

The company has acquired a 670,536-square-foot industrial portfolio in Greensboro, N.C., in a submarket where the overall occupancy rate is 98 percent.
McConnell Center. image courtesy of HFF

New York Life Insurance Co. has acquired an industrial portfolio in Greensboro, N.C., for $49.3 million from McConnell Center Associates. The 670,536-square-foot portfolio spans three buildings and represents the first portion to close of a 1.1 million-square-foot portfolio.

An HFF investment advisory team of Patrick Nally and Chris Norvell along with Tom Townes and John Schultz of Triad Commercial collectively represented the seller.

The three buildings—4751, 4755 and 4754 McConnell Center Drive—are located within McConnell Center, a Class A industrial park with more than 1 million square feet. The park is situated in the tight SE Guilford County industrial submarket, which is currently 97.5 percent occupied. Built between 2014 and 2018, the properties are situated at the intersection of interstates 85 and 40, two major industrial thoroughfares. The facility is about 20 miles from Piedmont Triad International Airport and the FedEx Mid-Atlantic Hub, the company’s fifth largest hub in the U.S. The McConnell Center boasts a tenant roster including General Dynamics, Performance Food Group, Wayfair and Coca-Cola Bottling.

Earlier this year, New York Life Real Estate Investors, on behalf of a joint venture between New York Life Insurance Co. and Ilmarinen Mutual Pension Insurance Co., purchased a 19-story office property in the Atlanta metro area for $166 million. Last summer, the same HFF team represented a joint venture of Somerset Properties and Thackery Partners in the duo’s sale of Airport Distribution Center, a five-building industrial portfolio in Greensboro, for $32.2 million.