Accordia announced that it has acquired a 46,400-square-foot, two-building shallow-bay portfolio in the Union County submarket of Charlotte, North Carolina. This marks the firm’s second acquisition in the Carolinas as it continues its strategic expansion beyond the Northeast. The off-market transaction was sourced through Foundry Commercial.
Located at 135-141 Cupped Oak Drive in Stallings, North Carolina, the property was constructed in 1999 and 2004 and feature highly functional, flexible spaces tailored to the region’s industrial tenants. With 18-foot clear heights, 11 dock-high doors, and 9 drive-in doors, the park accommodates a variety of tenant needs. Suite sizes range from 7,000 to 16,200 square feet, offering the flexibility to scale spaces in response to market demand. At the time of sale, the property was 100% leased to five tenants.
The acquisition is strategically located in the Union County submarket, one of Charlotte’s most supply-constrained industrial areas. With a vacancy rate below 0.50% for shallow bay product, the market faces a limited supply of new development and a high percentage of owner-occupied buildings. Charlotte’s broader industrial sector has experienced record-breaking absorption, heightened transaction activity, and an 11% year-over-year rental rate increase from Q1 2023 to Q1 2024, with continued growth expected throughout the year.
“We are thrilled to add 135-141 Cupped Oak Drive to our portfolio,” said Matthew Pizzolato, Executive Vice President and Head of Acquisitions and Capital Markets at Accordia. “This acquisition strengthens our foothold in the Charlotte market and aligns with our strategy to acquire highly functional, shallow-bay industrial properties in infill locations below replacement costs.”
Bill Grindler
Accordia | https://www.accordiarealty.com
bgrindler@resultsinc.com | bgrindler@resultsinc.com
Author: David Mason
Writer at Results Advertising.
