Marcus & Millichap Inc.
Marcus & Millichap Inc.
05/08/2024 | Press release | Distributed by Public on 06/08/2024 06:09
Marcus & Millichap Arranges Sale of Single-Tenant Industrial Portfolio in N.C.
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Marcus & Millichap Arranges Sale of Single-Tenant Industrial Portfolio in N.C.
August 05, 2024
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INDIAN TRAIL, N.C., August 5, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a single-tenant, two building industrial portfolio located in Indian Trail, North Carolina. The properties sold for $7,700,000.
"The property appealed to a wide audience of investors, regionally and nationally, seeking stabilized flex-industrial assets in the Charlotte MSA," said John Berger, associate and industrial specialist. "We received a dozen offers, and this transaction is a great example of out-of-state investors adding to their Charlotte portfolio with a high-quality industrial-flex property with a long-term lease, secured by a well-established tenant with multiple locations."
Berger, Andrew Margulies and Harrison Creason, investment specialists in Marcus & Millichap's Charlotte Uptown, Charleston and Raleigh offices, had the exclusive listing to market the property on behalf of the seller, and procured a private buyer based in Virginia.
The portfolio includes two industrial buildings on a 4.09-acre lot in the Charlotte MSA. The first building, located at 2004 Van Buren Avenue, comprises 97 percent warehouse space with 25-foot clear heights. The second building, at 2022 Van Buren Avenue, features 41 percent warehouse space with clear heights ranging from 19 to 20 feet. The current tenant, DoubleRadius, Inc., a global distributor of wireless networking equipment, will remain at the property under a long-term lease.
"The property appealed to a wide audience of investors, regionally and nationally, seeking stabilized flex-industrial assets in the Charlotte MSA," said John Berger, associate and industrial specialist. "We received a dozen offers, and this transaction is a great example of out-of-state investors adding to their Charlotte portfolio with a high-quality industrial-flex property with a long-term lease, secured by a well-established tenant with multiple locations."
Berger, Andrew Margulies and Harrison Creason, investment specialists in Marcus & Millichap's Charlotte Uptown, Charleston and Raleigh offices, had the exclusive listing to market the property on behalf of the seller, and procured a private buyer based in Virginia.
The portfolio includes two industrial buildings on a 4.09-acre lot in the Charlotte MSA. The first building, located at 2004 Van Buren Avenue, comprises 97 percent warehouse space with 25-foot clear heights. The second building, at 2022 Van Buren Avenue, features 41 percent warehouse space with clear heights ranging from 19 to 20 feet. The current tenant, DoubleRadius, Inc., a global distributor of wireless networking equipment, will remain at the property under a long-term lease.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.