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Cushman & Wakefield Arranges $86M Sale of 1.5-MSF North Carolina Industrial Portfolio
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Cushman & Wakefield (NYSE: CWK) has successfully arranged the sale of the North Carolina Interstate 40/Interstate 85 Industrial Portfolio for $86.6 million. This portfolio comprises 22 buildings totaling 1,551,486 square feet, currently 98% leased. The deal was facilitated by Cushman & Wakefield’s brokers, who also secured financing for the buyer, SVN Parsons Commercial Group. The acquisition positions the buyer favorably in the growing North Carolina market, with a significant industrial presence along major interstates.
Positive
Sale of a large industrial portfolio for $86.6 million.
Portfolio consists of 22 well-maintained buildings, 98% leased.
Secured financing for the buyer, enhancing buyer's positioning.
Negative
None.
CHARLOTTE, N.C. & WINSTON-SALEM, N.C.--(BUSINESS WIRE)--
Cushman & Wakefield (NYSE: CWK) announced that the commercial real estate services firm has arranged the sale of the North Carolina Interstate 40/Interstate 85 Industrial Portfolio, a collection of 22 buildings located in the greater Charlotte and Triad regions. The final sale price was $86.6 million.
Cushman & Wakefield’s Nolan Ashton, Rob Cochran and Bill Harrison represented the seller in the transaction. Tom Sullivan, Richard Henry and Ross Fishman of Cushman & Wakefield also secured the buyer’s financing, and the firm has been retained to handle leasing efforts for the portfolio, which will be led by Bobby Finch. The portfolio was acquired by SVN Parsons Commercial Group and their partnership team that included John Parsons, Victor Galvani, Andrew Sacher and Steffen Panzone.
“This portfolio spans two regions in North Carolina and provides immediate scale and upside,” said Ashton, Director at Cushman & Wakefield. “The buyer has an opportunity to establish an immediate presence in the state with a large footprint of well-maintained, functional industrial buildings in industrial corridors along major interstates.”
“This was an opportunity to add critical mass to our industrial portfolio in a region we truly believe is poised for continued growth,” added John Parsons, President of Parsons Commercial Group. “We’d like to thank Cushman & Wakefield and previous ownership for working in concert with us to get this transaction closed. This is an exciting acquisition for our company, and we look forward to continuing to expand our footprint in the Southeast.”
The portfolio offering totals 1,551,486 square feet and was 98% leased at the time of sale to a strong tenant roster.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Parsons Commercial Group
Founded in 1994, Parsons Commercial Group is a multi-faceted, full service commercial real estate firm that encompasses investment, development, property management and brokerage & advisory services. Parsons Commercial Group (PCG) is a Boston based real estate investment firm with projects across New England, Pennsylvania, and the Carolinas. Its portfolio consists of 86 properties totaling over 5,000,000 square feet spanning across industrial, multifamily, flex, retail and office sectors.
