Charlotte Sees Surge in Industrial Outdoor Storage Investments
Charlotte is becoming quite an attractive hub for industrial outdoor storage properties, as evidenced by the recent activity from various investors looking to plant their feet in the Queen City. Just last week, a Philadelphia-based real estate firm, Alterra Property Group, made headlines by acquiring an industrial outdoor storage (IOS) site located at 309 Morningside Road for a cool $3.25 million.
Details of the Acquisition
This latest acquisition adds to the growing portfolio Alterra has been building in the Charlotte area over the past year. The property in question is a substantial 5.4-acre site that features a 10,000-square-foot industrial building along with the outdoor storage that has attracted much interest from various businesses. Currently, this property is leased to The Loving Group, a company that specializes in landscaping solutions. Located just off Mount Holly Road, it sits in the northwest section of the city, making it conveniently accessible for both businesses and clients alike.
Industry Insights
According to real estate records from Mecklenburg County, the ongoing interest in IOS properties has caught the attention of both local and out-of-state investors. Greg Gosselin and Justin Smith from Colliers International represented Alterra in their dealings with Miaco Properties LLC for this particular site. Gosselin mentioned that “The IOS market continues to remain hot and Alterra remains active in acquisitions in Charlotte and throughout the country.”
The growing demand for industrial outdoor storage is becoming a prominent trend across the nation. Investor firms from various states are flocking to Charlotte, taking advantage of the city’s booming industrial sector. Just a few months ago, Alterra made another notable investment, purchasing a 2.7-acre site at 4150 Pebble St. for $3 million. Earlier this year, in January, they secured a 4.2-acre site on North Graham Street for slightly over $3.5 million. With over 270 IOS properties across more than 30 states, Alterra is definitely making a mark.
More Players Entering the Field
Alterra isn’t alone in this quest for industrial outdoor storage properties in Charlotte. Other out-of-state firms are also making their moves. For instance, Simi Capital Group recently acquired a 3.2-acre IOS property on Robinson Circle, marking their first investment in North Carolina. Additionally, Adana Capital, based out of Houston, bought an IOS site at 4801 N. Graham St. earlier this year for nearly $5 million. This marked their maiden venture in the Charlotte market as well. Not to be left out, Granite Canyon Partners, from Washington, D.C., also made a splash in the Charlotte area last year with an IOS property purchase.
The Future Looks Bright
As the demand for industrial outdoor storage grows across the United States, Charlotte is poised to become a key player in this market. Sector experts see a bright future as more investors recognize the potential for growth in this type of real estate.
With a flurry of acquisitions like those from Alterra and others, Charlotte continues to solidify its position as a hotbed for investment. Whether you’re an investor contemplating a new venture or a local business trying to navigate the complex world of industrial storage, it’s an exciting time to be part of this bustling community!
