CHARLOTTE, Nov. 30, 2022 - JLL Capital Markets announced today that it has closed the sale of Airpark West, a four-building Class A logistics portfolio totaling 626,061 square feet in Charlotte, North Carolina.
JLL represented the seller, Toronto-based BentallGreenOak, in the sale to Lincoln Property Company, headquartered in Dallas, Texas.
Completed in phases between 2007 and 2019, Airpark West is an infill logistics park comprised of institutional-quality shallow bay product - the Charlotte market's top-performing industrial asset class. The park is fully leased to multiple tenants which vary in suite size and loading configurations, offering versatile future leasing opportunities.
The portfolio is situated off Air Park West Drive adjacent to the intersection of Interstates 85 and 485. From this prime logistical location, Airpark West offers seamless connectivity to nearby I-77 and I-277, providing uninterrupted access to the Charlotte MSA and the surrounding Southeast region. Furthermore, the park is located within three miles of Charlotte Douglas International Airport (CLT) and five miles from the Norfolk Southern CLT Intermodal Terminal.
According to JLL's Charlotte Industrial Insight Q3 2022, the region has experienced a 5.6% employment increase in the transportation and warehousing industry, exhibiting signs of continued industrial growth for the supply-constrained market. Charlotte continues to boast an extensive development pipeline with just under 16 million square feet currently under construction.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Director Dave Andrews, Senior Managing Director Pete Pittroff, Managing Director Patrick Nally and Analyst Zach Lloyd.
"In this unpredictable environment, this process is a testament to the BentallGreenOak and Lincoln Property Company teams as well as the quality of Airpark West itself," says Andrews. "This transaction affirms Charlotte's industrial capital markets environment remains healthy, its real estate fundamentals robust and our market remains highly coveted by core capital."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 30 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2022 11:29:30 UTC.
