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Industrial building sold for $3.5M

The former Precision Steel Warehouse Inc. industrial building was sold recently for $3.5 million to CapRocq Core Real Estate Fund II. Photo courtesy LoopNet.com

The former Precision Steel Warehouse Inc. industrial building was sold recently for $3.5 million to CapRocq Core Real Estate Fund II. Photo courtesy LoopNet.com

The 69,200-square-foot industrial building at 2027 Gateway Blvd. in Charlotte has a new owner. The property was sold by Precision Steel Warehouse of Charlotte to CapRocq Core Real Estate Fund II LP of Little Rock, Arkansas, for $3.5 million, according to a press release.

The sale was handled by Piedmont Properties/CORFAC International. Scott Hensley and Lester Osborn of Piedmont Properties/CORFAC International represented the seller. Lawrence Shaw and Greg Copps represented the buyer, according to the release.

The building was previously used as a manufacturing facility by Precision Steel Warehouse. The building was constructed in 1980 and expanded in 1990. It has three bridge cranes serving the entire facility, 8,200 square feet of office space, and a 5,800-square-foot covered truck court, according to the release.

“We had great activity on this building from the first day we started our marketing plan,” Hensley said in the release. “The demand in our market for industrial buildings far exceeds the supply.”

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