Interest in Charlotte-Area Industrial Remains Steady As Foundry Commercial Brokers the Sale of Two Properties in Union County Submarket
Posted on June 3, 2020
Charlotte, N.C. (June 3, 2020) – Foundry Commercial, a full-service real estate services and investment firm, today announced the sale of two separate industrial properties in Union County, just southeast of Charlotte. Despite the continued business and economic repercussions caused by the global spread of COVID-19, these transactions demonstrate continued interest in industrial assets in the Charlotte metro.
The first of the industrial properties – Sardis Business Park – is a 40,000-square foot five-building office-warehouse business park in Indian Trail, NC. David Hanna and Casey Mulhern of Foundry Commercial represented the seller in the transaction while the buyer, Clear Path Asset Management, was represented by Tom Tropeano of Avison Young.
In the second industrial property sale, Foundry Commercial’s Hanna and Mulhern again represented the seller of 1020 Forsyth Ave., a 14,400-square foot industrial building in Old Hickory Business Park, which was 66% occupied at the time of closing. The buyer was represented by Jim Gambrell of Gambrell Real Estate Consulting, LLC.
The Union County industrial submarket, consisting of approximately 18.7 million square feet, has one of the lowest vacancy rates (3.2%) in the Charlotte MSA due to steady demand from smaller users specializing in light industrial and manufacturing as well as a very limited amount of new speculative development projects in recent years. At another one of Foundry’s listings, Union County Business Center, which is 100% leased, Mulhern indicates steady inquiries from tenants over the past 12 months. The submarket’s proximity to high-growth areas in South Charlotte, Weddington, Marvin, and Waxhaw – combined with the significant easing of traffic congestion since the opening of the Monroe Expressway in late 2018 – this submarket is well-positioned for new industrial opportunities.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with over 350 employees and more than 58 million square feet of management and leasing across the Southeast and Texas. Since 2007, Foundry has provided leasing, brokerage, building management, corporate services, and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than one billion in advantaged investment opportunities with their JV partners. For more information, visit www.foundrycommercial.com.