KBS, one of the largest investors in commercial real estate, has brought Crossroads Distribution Center, a 496,723 square-foot institutional-quality business park located in Charlotte, North Carolina, to full occupancy with 100,000+ square feet of new leases with two global tenants. Transactions at the center, which features I-77 frontage consisting of functionally designed warehouse, distribution and office/showroom space to accommodate a variety of tenants and uses, include a long-term, 73,300 square-foot lease with Service Metal, a pipe fitting distributor, and a long-term, 26,933 square-foot lease with Caesarstone US, a quartz countertop manufacturer.
“One of KBS’ core strengths is identifying markets that are positioned for robust future growth and acquiring best-in-class assets in those markets,” says Marc DeLuca, Eastern regional president for KBS. “Charlotte is a thriving industrial and office market that is attracting numerous high-profile companies. The combination of Crossroads Distribution Center’s location and KBS’ reputation for excellent service in this market positioned this property for consistent demand among creditworthy tenants.”
According to Cushman & Wakefield, Charlotte’s industrial market continued to flourish in the first quarter of 2021 as developers view the city as a viable logistical hub. In early April, Amazon announced its plan to occupy more than 1.3 million square feet in the Charlotte market across three separate industrial properties, further increasing interest in the area among industrial users and investors.
Completed in 2007, Crossroads Distribution Center consists of four industrial warehouse buildings with ceiling clear heights ranging from 24 to 30 feet. Each building features 50-foot concrete aprons, loading docks and truck courts ranging from 110 to 140 feet.
“Crossroads Distribution Center is one of the most desirable industrial properties in Charlotte for warehouse and office/showroom uses due to its proximity and visibility to I-77 and its excellent condition as maintained by the KBS team,” says Allen Aldridge, asset manager for Crossroads Distribution Center and senior vice president at KBS. “Because of its ideal location and KBS’ superior management, available space is typically quickly leased up at this property as leases expire.”
Matt Treble and Eric Ridlehoover, directors at Cushman & Wakefield, handled the leasing transactions on behalf of KBS. Matt Hargrove, vice chairman and Alek Salfia, industrial sales associate at CBRE represented Ceaserstone and William Maxwell, broker at Trinity Partners represented Service Metal.
“Crossroads Distribution Center is on the short list for tenants seeking warehouse and distribution space in the Charlotte market,” says Treble. “There is simply no other asset in the region that offers industrial users everything this property does.”
KBS recently completed a $28.7 million refinancing agreement for Crossroads Distribution Center. The transaction demonstrated the ability of KBS’ in-house finance team to understand a complex capital markets environment and identify potentially advantageous refinancing opportunities, notes Aldridge.
In addition to Crossroads Distribution Center, KBS also manages other properties in the Charlotte market, including Carillon, a 24-story trophy office tower that recently underwent several capital improvements such as the addition of spec suites, a state-of-the-art fitness center, side lobby and a newly renovated courtyard adjacent to the Grand Bohemian Hotel.
Crossroads Distribution Center is located at 11401 Granite Street in Charlotte, North Carolina.
Please click here for photos of Crossroads Distribution Center.