CHARLOTTE and WINSTON-SALEM, North Carolina, February 24, 2022 – SVN | Parsons Commercial Group | Boston announced today that the commercial real estate services firm has acquired a collection of 22 industrial buildings totaling 1,551,486 square feet, located along Interstate 40/Interstate 85 in the greater Charlotte and Triad regions. The final sales price was $86.6 million.
The portfolio was acquired by SVN | Parsons Commercial Group | Boston and their partnership team that included John Parsons, Victor Galvani, Andrew Sacher and Steffen Panzone.
Cushman & Wakefield’s Nolan Ashton, Rob Cochran and Bill Harrison represented the seller in the transaction. Tom Sullivan, Richard Henry and Ross Fishman of Cushman & Wakefield also secured the buyer’s financing, and the firm has been retained to handle leasing efforts for the portfolio, which will be led by Bobby Finch.
“This portfolio spans across two booming regions in North Carolina and provides immediate scale and upside with rents that are approximately 25% below market,” said Ashton, Director at Cushman & Wakefield. “The buyer has a unique opportunity to establish an immediate presence in the state with a large footprint of well-maintained, functional industrial buildings in prominent industrial corridors along major interstates.”
“This was a unique opportunity to add critical mass to our industrial portfolio in a region we truly believe is poised for continued growth,” added John Parsons, President of SVN | Parsons Commercial Group | Boston. “We’d like to thank Cushman & Wakefield and previous ownership for working in concert with our team to get this transaction closed. This is an exciting acquisition for our company, and we look forward to continuing to expand our footprint in the Southeast.”
The North Carolina Interstate 40/Interstate 85 Industrial Portfolio includes:
- Nine buildings in Winston-Salem located at 4303 Idlewild Industrial Dr., 4965 Indiana Ave., 5160-5190 Indiana Ave., 4320 Enterprise Dr., 4415 Providence Ln. and 1330 Ivy Ave.
- Four buildings in Clemmons located at 6220-6295 Clementine Dr.
- Single building in Lexington located at 111-113 Woodside Dr.
- Single building in Salisbury located at 1335 Litton Dr.
- Seven buildings in the Hickory region located at 1523/1527 7th St. SE, 2309 N College Ave., 2855-2859 Nathan St. and 2875 Nathan St.
The portfolio was 98% leased at the time of sale to a strong tenant roster. All buildings feature rear loading docks, office space, clear heights up to 29 feet and near immediate access to Interstate 40, Interstate 85 and US Highway 52.
About Parsons Commercial Group
Founded in 1994, Parsons Commercial Group is a multi-faceted, full service commercial real estate firm that encompasses investment, development, property management and brokerage & advisory services.
Parsons Commercial Group (PCG) is a Boston based real estate investment firm with projects across New England, Pennsylvania, and the Carolinas. Its portfolio consists of 86 properties totaling over 5,000,000 square feet spanning across industrial, multifamily, flex, retail and office sectors.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.