KORE Investments Buys Charlotte-Area Manufacturing Facility

Hunter Douglas sold 201 Southridge Parkway and was also its sole tenant. Image courtesy of Cushman & Wakefield

KORE Investments has acquired a 175,239-square-foot Class A industrial facility in Bessemer City, N.C. New York-based manufacturer Hunter Douglas sold the asset for $13.5 million, according to Gaston County public records.

Cushman & Wakefield represented the buyer and is also marketing the asset for lease, led by Executive Director Matt Treble and Senior Director Andrew DeLamielleure.

According to CommercialEdge, Hunter Douglas acquired the building in 2003 for $4.3 million. The previous owner was also the sole tenant of the now-vacant property.

The manufacturing facility is at 201 Southridge Parkway and includes seven dock high doors with seals, levelers and lights, four electric drive-in doors, a covered exterior dock for scrap hoppers, a 30,195-square-foot office component and 157 vehicle parking spots. Additionally, the property also features an expansion pad measuring 70,000 square feet.

The 20-acre property is 6 miles from Gastonia, N.C., 10 miles from Gastonia Municipal Airport, 20 miles from Charlotte Douglas International Airport and within 28 miles of Charlotte. Additionally, the industrial building also allows access to Interstate 85 and State Route 74.

Recent investments in the metro

Year-to-date through September, Charlotte saw $686 million in industrial transactions, a recent CommercialEdge report shows. In terms of sales volume in the South, the metro was followed by Tampa ($557 million) and Baltimore ($530 million), but was outpaced by Atlanta ($1 billion). Industrial properties changed hands at an average sale price of $96 per square foot, while the U.S. average stood at $135.

Recent sales in Charlotte include Faropoint’s a acquisition of a three-building industrial portfolio for $33 million. Totaling 312,950 square feet, this was the company’s second investment in the market. In October, EQT Exeter purchased Stateline 77, a two-building, 1 million-square-foot industrial campus in Fort Mill, S.C. Rockefeller sold the fully-leased industrial park for $106 million.