Acquisition marks firm’s first North Carolina investment amidst ongoing southeastern expansion
Denholtz Properties announces the acquisition of Interstate Commerce Park, a five-building, 218,570-square-foot industrial park located in Greensboro, N.C. for $12.1 million from CIP Real Estate.
Building upon Denholtz Properties’ expansion into the southeastern United States, the acquisition of Interstate Commerce Park marks the firm’s first investment in North Carolina and further bolsters the company’s growing 5.7 million-square-foot portfolio along the east coast.
Currently fully leased to a diversified lineup of tenants including Triangle Warehouse & Distribution, Tirehub, Northern Composites and GoBrands, Interstate Commerce Park has a strong history of exceptional occupancy averaging 94 percent over the last 15 years.
Denholtz Properties recognized that the property presented a rare opportunity to own a stabilized industrial park in the Piedmont Triad region, one of the nation’s hottest real estate markets and the second-largest industrial market in the Carolinas. Consisting of the Greensboro, Winston-Salem and High Point areas, the Piedmont Triad is accessible to more than half of the U.S. population within 650 miles via Interstates 40, 73, 74, and 85 and is widely recognized as the logistical midpoint of the East Coast, providing a skilled workforce and the lowest cost of operations in the region.
In this investment, Denholtz Properties’ will leverage its time-tested multitenant investment experience to drive value for its investors through the execution of a capital improvement plan paired with a proactive long-term leasing strategy.
“The acquisition of Interstate Commerce Park marks an important step in the execution of our aggressive southeastern expansion strategy,” said Stephen Cassidy, President of Denholtz Properties. “We look forward to leveraging our deep multi-tenant industrial experience to realize significant value creation opportunities at this asset over the next several years as we seek to deliver superior risk-adjusted returns to our global investor base.”
JP Josephson, Director of Acquisitions for Denholtz Properties added, “The Interstate Commerce Park offers Denholtz Properties a tremendous opportunity to tap into the potential of the North Carolina commercial real estate market. With strong underlying demographics and a robust transportation network, we are highly optimistic about the long-term prospects of this market and look forward to continuing to grow our portfolio in the months to come.”
Robert Cochran, Bill Harrison, Nolan Ashton, and John Schultz of Cushman & Wakefield represented the seller, CIP Real Estate, in the transaction.