New York Investor Snaps Up Its First Charlotte Industrial Property
Griffin Industrial Realty Inc. acquired a 277K SF industrial building in Concord for about $18.6M. The buyer paid cash, using about $9.7M held in escrow for a 1031 exchange, and about $8.9M of Griffin’s cash on hand. The funds in escrow were from the sale of about 67 acres of undeveloped land in Connecticut that closed in April.
The building, which is at 215 International at the corner of Poplar Tent Road and International Drive, was built in 2015 and is now 74% leased. It is New York-based Griffin’s first property in the Charlotte area.
"We've studied the Charlotte market for several years and believe it has strong long-term fundamentals driven by continued population growth, new business formations and relocations, and the influx of manufacturing in the region, all of which drive demand for industrial/warehouse space," Griffin President and CEO Michael Gamzon said.
CBRE's Chris Riley repped the seller, a Trinity Capital Advisors/Crow Holdings joint venture, while Trinity Partners’ William Maxwell and Terry Brennan repped Griffin.