Somerset Properties JV Sells 5-Building NC Industrial Portfolio

HFF represented the sellers in the disposition of Airport Distribution Center in Greensboro, which traded for a little over $32 million.
Aerial of Airport Distribution Center

Somerset Properties and Thackeray Partners have sold Airport Distribution Center, a fully leased five-building industrial portfolio in Greensboro, N.C., for $32.2 million. HFF represented the sellers.

Located at 202, 204, 206, 311-F and 311-G N. Chimney Rock Road, the property is situated on 41 acres and comprises a total of 764,582 square feet. The facilities were built between 1981 and 1987 and feature ESFR sprinkler systems, new dock levelers, pre-engineered block construction, rain access to 316,532 square feet of space between 311-F and 311-G, T5 lighting, updated office areas and clear heights ranging from 24 to 35 feet.

The assets are within close proximity of Piedmont Triad International Airport and the FedEx Mid-Atlantic hub, the carrier’s fifth largest. Interstates 40, 70, 73 and 85 are also located nearby.

HFF’s advisory team of Senior Managing Director Chris Norvell and Director Patrick Nally represented the seller. In March, HFF represented Somerset in the $31.4 million sale of an office portfolio in Mount Laurel and Marlton, N.J.

Image courtesy of HFF