Strength of Charlotte Market Prompts Purchase of Two Cross Dock Terminals
SCHAUMBURG, IL (March 23, 2022)—Industrial Outdoor Ventures (IOV), a Chicago-based investment firm that acquires industrial service facilities (ISF) across the U.S., has entered a new market, acquiring two adjacent assets in Charlotte, NC. The financial terms of the acquisitions were not disclosed. The Seller was LJM Brookshire, LLC.
“We’re very excited to be entering the very strong and prominent Charlotte industrial market with this most recent acquisition,” said Eric Johnson, Senior Vice President of Development & Acquisitions, Industrial Outdoor Ventures. “The location of these cross-dock terminal properties in an increasingly important and popular distribution market like Charlotte positions them for great long-term success.”
The newest assets in the IOV portfolio are 3408 N. Graham Street and 3500 N. Graham Street.
The property at 3408 N. Graham Street is a 62-Door Cross Dock Terminal. It also includes a 31,358-square-foot building with a service shop on 8.80 acres of land. Other features of the property include ±57 loading positions and ±84 trailer parking positions. The property has I-2 zoning.
Currently, the property is vacant. IOV is in the process of renovating the property. It is being marketed for lease by Henry Lobb, SIOR, Principal, and Gray Gaines, Senior Associate, both with Avison Young.
The property at 3500 N. Graham Street is a 74-door, 48,820-square-foot cross-dock terminal that is located on 11.76 acres. Kamps Pallets leases the cross-dock terminal that is situated on 7.5 acres of the site. Star Leasing leases 3.5 acres of land for equipment storage and operations.
With IOV’s acquisition of the properties, each will undergo significant capital improvements. The renovation and capital improvement program will include the installation of new fencing, LED lighting and dock doors as needed as well as well as a new paved yard. Additional exterior improvements will range from roof replacements and concrete dock resurfacing as needed to exterior painting. IOV will also complete an interior office refinish.
“For our existing tenants at the 3500 N. Graham building, and to make 3408 N. Graham more marketable, we will bring the properties up to the standards we maintain at all of our assets across the country,” said Anthony DeLaurentis, Acquisitions Officer, Industrial Outdoor Ventures.
The properties are well-located, in close proximity to Charlotte Douglas International Airport, one mile from exit 40 on I-85 and three miles from uptown Charlotte.
Lobb and Gaines represented IOV in the acquisition of the properties. The Seller was represented by Lester Osborn with Piedmont Properties.
ERIC JOHNSON
Senior Vice President, Development & Acquisitions
Phone: 312.898.2978
Email: eric@iovre.com
ANTHONY DELAURENTIS
Acquisitions Officer
Phone: 847.595.0263
Email: anthony@iovre.com