Beacon Newsroom
Beacon Partners buys industrial sites in Charlotte
January 13, 2012
Charlotte Business JournalBy Will Boye
Beacon Partners recently purchased four local industrial parks totaling approximately 2 million square feet for about $62 million, substantially boosting its industrial holdings in the Charlotte market.
The acquisition included the 100,000-square-foot Century Place building off North Graham Street, which Beacon purchased for $3.35 million.
The firm also bought Granite Distribution Center, a 201,600-square-foot property near Westinghouse Boulevard and Interstate 77 for $5.5 million. In addition, Carowinds Distribution Center in Fort Mill, a 558,900-square-foot property on Crestmont Drive, sold to Beacon for $15.9 million.
And, in the largest of the transactions, Beacon bought Commerce Park, a nine-building industrial development that totals 1.1 million square feet, paying more than $37 million. Commerce Park, like Granite Distribution Center, is near the I-77 interchange at Westinghouse Boulevard.
The purchases are Beacon’s first significant industrial acquisitions in the southwest submarket. The deal boosts the company’s industrial portfolio in the Carolinas to more than 5 million square feet.
“It gave us an opportunity to diversify from north Charlotte into south Charlotte,” says industrial partner Jon Morris. “And it gives us more mass to build off of. I think we now get the opportunity to see almost every deal out there.”
The properties can accommodate users ranging from 11,500 to 345,000 square feet and have about 195,000 square feet vacant.
The seller of the properties was Prologis Inc. .Prologis Inc. Latest from The Business Journals SK Realty buys Baltimore area, N.J. industrial portfolioIndustrial deals peaked at year endColorado stocks: Level 3 up 5%, Ampio, Venoco up 4% Follow this company ., which owned them through affiliates.
Late last month, Prologis also sold Charlotte Distribution Center South, a project consisting of two buildings totaling 270,400 square feet and a 9.5-acre building site, for nearly $13 million to Liberty Property Trust
