Beacon Sells 234 KSF Logistics Asset

Beacon Partners has sold 720 Pegg Road, a 234,224-square-foot Class A logistics facility in High Point, N.C., a Greensboro submarket, for $31.5 million, according to public records. JLL brokered the deal on behalf of the seller.

The warehouse came online in 2022. That year, the asset also changed hands, when Scannell Properties sold it to Beacon for $25.1 million—about $107.2 per square foot—CommercialEdge information shows. Beacon took out an $18 million acquisition loan from Atlantic Union Bank for that purchase.

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The facility, which is fully leased to three tenants including Lowe’s Home Centers, provides rear-load services and has 32-foot clear heights, a 60-foot speed bay, 29 dock-high loading doors, 258 car parking spaces and 52 trailer stalls. Additionally, the building has 180-foot truck courts and two drive-in doors.

The warehouse sits on almost 19 acres and provides easy access to Interstate 40. Piedmont Triad International Airport is within 8 miles, downtown Greensboro is 13 miles away, while downtown Charlotte is some 92 miles southwest.

JLL Investment Sales and Advisory team comprised Senior Managing Director Pete Pittroff, Senior Director Dave Andrews, Director Michael Scarnato, Associate Zachary Llyod and Analysts Michael Lewis and Allan Parrott.

Greensboro’s industrial inventory to expand

The Greensboro-Winston-Salem market had 2.4 million square feet of industrial space under construction at the end of 2024’s second quarter, according to a CBRE market report. All this space is expected to be delivered by the end of the year. Additionally, there was only one development breaking ground during that quarter and zero completions.

Last November, Toyota invested another $8 billion in its North Carolina EV battery manufacturing plant. Located on 1,825 acres near Greensboro, the development will measure 7 million square feet upon full build-out.