Westcor entered the North Carolina market with the acquisition of a two-building industrial portfolio in Winston-Salem.
The firm purchased Union Cross Industrial Center for $36.9 million Front Street Capitalwhich developed the property in 2019. Cushman & Wakefield represented the seller and Westcore represented itself in the transaction.
The Class A industrial portfolio includes a 140,000 square foot building and a 200,000 square foot building. The two Class A warehouses were designed with a 32-foot clear height, trailer parking, concrete sloped wall construction, ESFR sprinkler systems, LED lighting, and 140- to 180-foot truck bays. The 200,000-square-foot building also features a cross-dock configuration.
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The portfolio is fully leased as a distribution company Buntzl occupies the entire large property at 4991 Millennium Drive, and another distribution company South Carlson fully occupies the building at 4980 Millennium Drive.
The properties are located in the southeast Forsyth submarket of Winston-Salem, NC, giving tenants easy access to Interstates 40, 74 and 285, and is approximately 17 miles from Piedmont Triad International Airport.
The 200,000-square-foot building occupied by Bunzl could be expanded by 110,000 square feet, according to Westcore. Huck Adams, managing director of Westcore, said Commercial Property Executive that the firm envisions expanding the Bunzl building during its tenure, but that the expansion will likely be determined by Bunzl.
North Carolina Industrial Market
The acquisition of Union Cross Industrial Center marks Westcore’s first property in the North Carolina market. The firm acquires industrial assets in key markets in the US, but a significant portion of its portfolio is located in the western states.
last month Westcore broke ground on a two-building, 906,125-square-foot business park in Glendale, Arizona, with a joint venture partner Ryan Cos. The firm also invested in the Texas markets when it opened a 301,120-square-foot location. warehouse project in Rockwall, Texas, in the Dallas area.
Adams said in prepared remarks that much of Westcore’s recent investment activity has focused on western states and Texas, but the firm recognized the strength of the Carolinas market.
“We like the fundamentals of North Carolina as a whole, as well as the Triad market, which is experiencing both industrial and population growth,” Adams said. CPE.