HFF announces the sale of a four-building industrial portfolio totaling 681,346 square feet in last-mile locations in both Charlotte and Raleigh-Durham, North Carolina.
The HFF team represented the seller, a partnership between Trinity Capital Advisors and SilverCap Partners. Rialto Capital Management purchased the portfolio.
The portfolio comprises the two-building facility at 1001 Bond Street in Charlotte along with 2710 and 2910 Weck Drive in Durham. Located in the Northwest Industrial submarket and within the Interstate 485 Loop, 1001 Bond Street provides access to Interstates 85 and 77, Charlotte Douglas International Airport and Uptown Charlotte. Additionally, the facility is less than one mile from the North Carolina State Port Authority and the CSX Intermodal Terminal, the only CSX intermodal terminal in North Carolina.
2710 and 2910 Weck Drive are two light industrial facilities situated directly off TW Alexander Drive on 18.42 acres within the Research Triangle Park/Interstate 40 (RTP/I-40) submarket and adjacent to the world-renowned Research Triangle Park, one of the largest dedicated research parks in the world and a significant economic driver of the Raleigh-Durham region. This infill location positions the buildings at the epicenter of major transportation arteries, including the future Interstate 885 (Durham Freeway) and Interstates 40, 540 and 85, known as the industrial backbone of the Southeast. The 276,995-square-foot Weck Drive buildings are fully leased to two tenants and have recently undergone capital improvements.
The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally.
“The investor appetite for industrial assets in the Carolinas is virtually insatiable, and ‘B-quality’ assets within infill locations are particularly strong,” said Norvell. “It’s also an excellent opportunity for Rialto, given the opportunity to increase value via the lease-up of the Bond Street buildings.”
Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.