Rockefeller Group Sells Industrial Park for $106M

7149 Logistics Lane within the Stateline 77 industrial park. Image courtesy of Rockefeller Group

Rockefeller Group has sold Stateline 77, a two-building, 1 million-square-foot industrial park in Fort Mill, S.C., in metro Charlotte, N.C., to EQT Exeter, the real estate division of EQT Group AB. The purchase price was $106 million, according to York County records.

The transaction’s dollar value was not disclosed. The park was completed last year and is fully leased.

In September, solar panel manufacturer Silfab Solar announced plans to expand its U.S. footprint by establishing operations in York County at the larger of Stateline 77’s two buildings, a 786,167-square-foot cross-dock at 7149 Logistics Lane. The company reportedly plans to invest $150 million and create 800 new jobs.

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The second building, a 221,000-square-foot distribution center, was fully leased last year by two tenants, Element Designs, which committed to 112,840 square feet, and Motion Industries Inc., which took the remaining 108,160 square feet. The building is at 7107 Logistics Lane.

Stateline 77 is along I-77 just south across the state line from Charlotte on 77.5 acres that Rockefeller had acquired in 2019.

JLL’s Pete Pittroff, Dave Andrews, Josh McCardle, Michael Scarnato and Britton Burdette represented Rockefeller Group on the sale to EQT Exeter. JLL’s Spencer Yorke and Brad Cherry were the exclusive leasing agents on the park.

Still growing

Metro Charlotte’s industrial market is seeing an increase in sublease space, in both Class A and Class B categories, according to a second-quarter report from JLL. Nonetheless, the overall vacancy is just 3.0 percent.

Year-to-date net absorption has been about 3.6 million square feet, with a substantial 17.2 million under construction, against a warehouse/distribution inventory of 207 million square feet.

In August, Trinity Capital Advisors completed Delta Industrial Park, an 876,587-square-foot industrial building on 69 acres near I-85 in Gastonia, N.C.

In September, MDH Partners received $23.3 million in construction financing for the second phase of Northcross Commerce Center, in Huntersville, N.C. Plans called for two buildings totaling 254,000 square feet, with ground to be broken almost immediately and completion scheduled for the third quarter of 2024.

The sales side has also been active.

In July, Stoltz Real Estate Partners acquired Carolina 85 Logistics Center, a fully leased 300,468-square-foot distribution center in Kings Mountain, N.C., from Equus Capital Partners Ltd. for $32.9 million.

And just last month, Faropoint purchased a 312,950-square-foot, three-building Class B infill industrial portfolio in Charlotte for $33.3 million. The seller was Beacon Partners.