by Gail Kalinoski
Just weeks after making a big industrial purchase in North Carolina, Exeter Property Group has acquired a 20-building, Class A, light industrial portfolio from Adler Real Estate Partners. The $148 million deal expands Exeter’s North Carolina and Texas holdings.
The 1.3 million-square-foot portfolio consists of Cardinal Park in Dallas, Shopton Ridge in Charlotte, N.C., and three Houston properties—Bammel Business Park, Business Center at Park 10 and Legacy Park. All five assets are located in highly desirable, infill submarkets with strong tenant demand, according to HFF, which marketed the property on behalf of the seller.
The HFF investment advisory team representing Adler included Managing Directors Adam Herrin and Trent Agnew, Directors Stephen Bailey and Patrick Nally, along with Senior Managing Directors Rusty Tamlyn and Chris Norvell.
Adler, operating at the time as Adler Kawa Real Estate Advisors (AKREA), acquired the 422,400-square-foot Shopton Ridge industrial/office complex in Charlotte in April 2015. The property was purchased in partnership with a group of co-investors through the Adler Kawa Real Estate Fund II, which targeted office and industrial assets in high demographic and economic growth areas of the United States. Shopton Ridge was roughly 90 percent occupied when AKREA acquired it, with tenants including PinPoint, Scent Air, Cardinal Health and Rent-A-Center.
Also in 2015, AKREA purchased Cardinal Park in Dallas, a 545,000-square-foot Class A office and industrial park located in the city’s technology corridor in the Richmond/Plano submarket through the AKREA Fund II. The park was 88 percent occupied with tenants including Yahoo!, CVS/Caremark, Inogen and Simplex Grinnell (Tyco).
About two years earlier, AKREA had acquired a 200,000-square-foot-portfolio in Houston, which included the 110,400-square-foot Bammel Business Park—located at 4702-4802 N. Sam Houston Parkway W.—and the 91,451-square-foot Legacy Park. Those properties, which were 95 percent occupied at that time, were also purchased through the AKREA Fund II. Tenants included Malvern Instruments, the University of Texas Board of Regents, NWN Corp., Lincoln Electric Co. and Flowserve Corp.
Shopton Ridge has good access to the Charlotte Douglas International Airport as well as intestates 485, 85 and 77. In Texas, Bammel Business Park and Legacy Park are located in Houston’s popular northwest submarket, a short drive from Bush International Airport.
BUSY SUMMER FOR EXETER
Exeter’s acquisition of the Adler portfolio follows the purchase in early August of RiverOaks Corporate Center, a Class A industrial park and three additional land sites in the Charlotte submarket of Concord for $49.2 million. That deal brought Exeter’s holdings to more than 8 million square feet in the Carolinas and 3 million square feet in the Charlotte area. HFF also represented the seller, Beacon Partners, in that transaction, which included two buildings totaling 452,206 square feet and the development sites totaling 892,997 square feet. The 119-acre site is near interstates 85 and 485, and 23 miles from Charlotte Douglas International Airport.
In June, Exeter also purchased a 130,250-square-foot industrial property in Kennesaw, Ga., for $9 million.
www.omegare.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.