Two Class A industrial facilities in the Charlotte market trade
JLL Capital Markets arranges the sale of Summit Corporate Center in Salisbury, North Carolina
CHARLOTTE, Nov. 15, 2021 – JLL Capital Markets announced today that it has closed the sale of Summit Corporate Center, a two-building, 100-percent-leased, Class A industrial portfolio totaling 214,494 square feet in the Charlotte-area community of Salisbury, North Carolina.
JLL worked on behalf of the seller, The Keith Corporation, on the disposition of the portfolio, which was acquired by Realty Income Corporation.
Summit Corporate Center is located at Summit Park Drive in Salisbury, which sits equidistant between the Charlotte and Greensboro-Winston-Salem markets. This highly sought-after location between the two largest industrial markets in North Carolina is positioned directly along the I-85 corridor. Tenants can easily access the rapidly growing Charlotte MSA, in addition to the other booming economic centers in the Carolinas, including Greensboro-Winston-Salem, Raleigh-Durham, Greenville-Spartanburg and more.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Pete Pittroff; Managing Director Patrick Nally; Director Dave Andrews; and Analysts Josh McArdle, Michael Scarnato and Zach Lloyd.
“As the market continues to evolve rapidly, Summit Corporate Center reinforces institutional capital’s interest in pursuing high-performing assets along major interstate thoroughfares that offer seamless connectivity to multiple major southeastern markets,” Andrews said. “The transaction is a credit to The Keith Corporation, the Realty Income team, the quality of the assets themselves and the exceedingly healthy Charlotte industrial market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge deliver the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Keith Corporation
The Keith Corporation (TKC) is a full service commercial real estate firm headquartered in Charlotte, NC. TKC was founded by Graeme M. Keith Sr. and Graeme (Greg) M. Keith Jr. in 1989 as a single-tenant, net lease development company. Since then, TKC has completed over $3 billion worth of development consisting of 315+ projects in 36 states and five countries. TKC’s philosophy has always been to cultivate trust, build long-lasting relationships with our clients and leverage TKC’s development expertise so that its clients can focus on their core competencies. TKC clients range from multi-national Fortune 500 corporations, top rated hospitals and health systems, to young, entrepreneurial companies. As a result of this philosophy, coupled with a conservative and strategic growth strategy, TKC has steadily matured into one of the largest and most well respected private full-service commercial real estate firms in the nation.
About Realty Income Corporation
Realty Income, The Monthly Dividend Company®, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats® index. Realty Income invests in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 6,700 real estate properties owned under long-term lease agreements with commercial clients. To date, the company has declared 616 consecutive common stock monthly dividends throughout its 52-year operating history and increased the dividend 112 times since Realty Income's public listing in 1994 (NYSE: O). Additional information about the company can be obtained from the corporate website at realtyincome.com.