Stream Tapped to Lease 1.4 MSF Industrial Portfolio
The properties are spread across North Carolina's Triad area.
Blue Ridge Industrial has selected Stream Realty Partners as leasing agent for a 1.4 million-square-foot portfolio. Totaling 28 buildings, the assets are spread across North Carolina’s Triad area.
Stream’s Managing Director Jason Schnittger, alongside Senior Vice President Bradley Dunn and Associate Parker Byrd, will spearhead leasing at these Blue Ridge properties.
“Newly constructed facilities in the Carolinas typically cater to tenants larger than 75,000 square feet,” Dunn told Commercial Property Executive. “Blue Ridge Industrial is completing an extensive capital program at these second-generation properties that will include amenities like sprinklers, LED lights and new office areas that are characteristic of new buildings but at a price point and size range that is accessible to tenants with smaller footprints. This will allow the 2,000 to 50,000-square-foot tenant to access these important features.”
Dunn continued to explain that these improvements are key due to the majority of tenants in the area seeking this type of space in the market.
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In the first quarter of this year, industrial asking rates in Greensboro/Winston-Salem remained mostly flat, a recent Cushman & Wakefield report shows. Further, the vacancy rate was up 4.5 percent on a year-over-year basis.
One of the significant industrial projects in the market is Southeast 85 PowerPlex, a 1.5 million-square-foot master-planned complex in Greensboro, N.C., set for completion in 2025. Carroll Industrial Development appointed Cushman & Wakefield as its leasing agent earlier this month.
Portfolio specifics
Blue Ridge acquired the portfolio, which was 96.4 percent leased at the time, in October. An affiliate of Dogwood Industrial Properties sold the assets for $105 million.
Most of the buildings are part of the South Park Business Center in Kernersville, N.C., between Interstate 40 and Salem Parkway. Totaling 1.2 million square feet, the facilities have flexible, single-tenant and multi-tenant layouts. The properties are in between Greensboro and Winston-Salem, located approximately 24 miles and 5 miles away, respectively.
Included in the portfolio are mid-bay, shallow facilities such as 4300 and 4320 Greensboro Road in Winston Salem, N.C. Completed in 1980 and 1986, respectively, the properties encompass a total of 160,000 square feet.
Another second-generation mid-bay facility is in Kernersville at 1459 Brookford Road. The 48,860-square-foot building came online in 2001.
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