Westcore has entered the North Carolina market with the acquisition of a two-building industrial portfolio in Winston-Salem.
The agency acquired Union Cross Industrial Heart for $36.9 million from Entrance Road Capital, which developed the property in 2019. Cushman & Wakefield represented the vendor, whereas Westcore represented itself within the deal.
The Class A industrial portfolio features a 140,000-square-foot constructing and a 200,000-square-foot constructing. The 2 Class A warehouses have been developed with 32-foot clear heights, trailer parking, concrete tilt-wall building, ESFR sprinkler methods, LED lighting and truck courts between 140 toes and 180 toes. The 200,000-square-foot constructing additionally includes a cross-dock configuration.
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The portfolio is absolutely leased as distribution firm Bunzl occupies the whole lot of the bigger property at 4991 Millennium Drive, whereas one other distribution firm SouthernCarlson fully occupies the 4980 Millennium Drive constructing.
The properties are situated within the Southeast Forsyth submarket of Winston-Salem, N.C., giving tenants easy accessibility to Interstates 40, 74 and 285, whereas additionally being roughly 17 miles away from Piedmont Triad Worldwide Airport.
In line with Westcore, the 200,000-square-foot constructing that Bunzl occupies might be expanded by 110,000 sq. toes. Hack Adams, managing director at Westcore, instructed Business Property Govt that the agency anticipates increasing the Bunzl constructing throughout its possession, however that the growth will seemingly be decided by Bunzl.
North Carolina’s industrial market
The acquisition of Union Cross Industrial Heart marks Westcore’s first property within the North Carolina market. The agency acquires industrial belongings in key infill markets throughout the U.S., however a big portion of its portfolio is situated in western states.
Final month, Westcore broke floor on a two-building enterprise park totaling 906,125 sq. toes in Glendale, Ariz., together with its three way partnership accomplice Ryan Cos. The agency has additionally been investing in Texas markets because it broke floor on a 301,120-square-foot warehouse venture in Rockwall, Texas, within the Dallas space.
Adams stated in ready remarks that almost all of Westcore’s latest funding exercise has been targeted on western states and Texas, however the agency acknowledged the energy of the Carolinas market.
”We just like the underlying fundamentals of North Carolina as a complete, in addition to the Triad market, which is experiencing each wholesome industrial and inhabitants development,” Adams instructed CPE.
