News Trinity Partners Brokers Sale of 12801 Jamesburg Drive in Huntersville, NC

Oct 20, 2011

Charlotte, NC
October 20, 2011 – Trinity Partners is pleased to announce the sale of 12801 Jamesburg Drive in Huntersville, North Carolina. An affiliate of AREA Property Partners, a leading international real estate investor and fund manager, purchased the facility for $22 million from an undisclosed seller. Trinity Partners’ David Allen (Partner) and Dunn Mileham (Director, Investment Sales) represented the seller in the transaction.

Originally built to serve as the distribution facility for Philip Morris’ Cabarrus manufacturing facility, the 559,750 SF building was successfully converted to a multi-tenant configuration by the previous owners. The property was 89% occupied at the time of sale by national credit tenants Aaron’s, Inc. and Pactiv Corporation.

The successful closing of the Jamesburg transaction marks Trinity Partners’ fourth recent high-profile industrial sale, as Woodland Business Park, Lakeview Business Center and Ridge Creek II sold over the summer in separate transactions. In the past year alone, Trinity Partners has successfully brokered the sale of nearly 2.5 million SF of assets for over $107 million.

“These recent sales of high-quality assets are positive indicators of Charlotte’s appeal to leading commercial real estate investors,” noted Mileham. “Jamesburg Drive presented the opportunity to acquire a quality asset in a market with positive demographics and strong underlying fundamentals.”

The Charlotte MSA is the second largest banking and finance center in the U.S, with noteworthy institutional ownership, and ranked in the top ten in the country in number of Fortune 500 headquarters.

Based on the positive marketplace reaction to the recent transactions, Mileham anticipates other owners will investigate asset sales. “Owners of assets in Charlotte have been closely watching the market to see the level of interest by institutional buyers. Given the nature of these sales and the strength of participants, I’d be surprised if we don’t see continued transaction activity.”