At a glance
- The acquisition is one of the region's largest industrial investment sales this year, the Charlotte Business Journal reported, cited by Connect CRE.
- The trade gives allocators a usable mark: $106 a square foot for a 2022-vintage, single-tenant warehouse in the Charlotte industrial submarket.
- Westcore reports $14 billion of transactions across 1,750 buildings and 150 million square feet since its founding in 2000, according to its website.
Westcore paid $80.2 million for Metro63 Logistics Center, a 755,000-square-foot warehouse in Kannapolis, N.C., buying it from developer Trammell Crow.
The acquisition is one of the region's largest industrial investment sales this year, the Charlotte Business Journal reported, cited by Connect CRE. The price equals about $106 a square foot for a building delivered in late 2022 at 5700 Royce St. Momentec, a sports apparel business, is the sole tenant.
The trade gives allocators a usable mark: $106 a square foot for a 2022-vintage, single-tenant warehouse in the Charlotte industrial submarket. The lease term was not disclosed; with one tenant in the building, that term and Momentec's credit carry the whole income stream.
Westcore reports $14 billion of transactions across 1,750 buildings and 150 million square feet since its founding in 2000, according to its website. Trammell Crow has kept starting new industrial projects, including a Fort Worth phase with PGIM, as Private Wealth Daily previously reported.
| Party | Role | Detail |
|---|---|---|
| Westcore | Buyer | Industrial investor; $14 billion of transactions since 2000 |
| Trammell Crow | Seller | Developer of the project |
| Momentec | Tenant | Sports apparel business; sole occupant |
Reported by the Deals desk from Connect CRE. Published . Corrections