Small Bay Flex Portfolio
In September 2000, Beacon acquired Lake Norman Commerce Center, a 92,000 SF small bay flex property located at Exit 28 on I-77 north of Charlotte. It was a good property with a solid leasing history; however, existing rents were below market and several leases needed to be restructured. It took two years to execute our business plan and achieve stable occupancy with a much higher NOI. In July 2006, two additional small bay flex properties were added to this portfolio with the same strategies - Coffey Creek International Business Center, totaling 398,000 SF, located near Charlotte International Airport and Hickory Grove Business Center, totaling 110,000 SF, located in East Charlotte. All three projects were combined into a profitable portfolio sale that closed in April 2008.
Small Bay Flex Portfolio Quick Facts:
- 3 small bay, flex projects totaling 600,000 SF throughout the Charlotte Region acquired September 2000 - July 2006 and sold in April 2008.
- Opportunistic acquisitions based on strategies to make capital investments, restructure leases and raise occupancy and rents.
- Occupants include Black & Decker, Color ID, North Carolina Department of Transportation and US Customs.
