DRA Advisors Buys $71M North Carolina Industrial Portfolio
The properties in Charlotte and Durham last sold in 2018 for nearly $40 million.
1001 Bond St. Image courtesy of Cushman & Wakefield
Rialto Capital Management has sold a four-property, 869,916-square-foot industrial portfolio in Charlotte, N.C. and Durham, N.C., after three years of ownership. DRA Advisors paid $71 million for the asset.
At the time of the deal, the portfolio was 88 percent leased to five tenants. The former owner acquired the assets in mid-2018 from Trinity Capital Advisors for $39.8 million, according to Charlotte Business Journal.
The two largest properties, built in the 1960s, are situated in the Charlotte metro. Spanning 406,001 square feet across two buildings, 1001 Bond St. is located 5 miles north of Charlotte Douglas International Airport. The second property, located at 4001 Performance Road, has 187,000 square feet.
The Durham portfolio component includes two buildings at 2710 and 2910 Weck Drive. The structures date back to the 1980s and offer 107,968 and 168,847 square feet, respectively. The properties are 2 miles north of Interstate 40 and less than 8 miles northwest of Raleigh-Durham International Airport.
Cushman & Wakefield’s Rob Cochran, Stewart Calhoun, Casey Masters, Nolan Ashton, David Finger and Sara Owen of the capital markets team, along with Fermin Deoca and Eric Ridlehoover of the industrial leasing team represented Rialto in the deal.
In late 2020, DRA Advisors sold a 1.9 million-square-foot industrial portfolio to Spirit Realty Capital. The four properties, spread across a total of 141 acres, are each located near major metros, including Indianapolis, St. Louis, Atlanta and Oklahoma City.
You must be logged in to post a comment.