JLL arranges sale of trophy industrial park in Charlotte, NC

CHARLOTTE, N.C., November 24, 2020 – JLL Capital Markets announced today that it has closed the sale of Metrolina Park, an eight-building core logistics portfolio totaling nearly 1.9 million square feet in Charlotte, North Carolina.

JLL worked on behalf of the seller, Beacon Partners, a leading developer, owner and operator of institutional-quality real estate in the Carolinas. New York-based Clarion Partners, one of the largest industrial owners in the U.S., purchased the portfolio on behalf of one of its co-mingled funds.

Developed by the seller, Metrolina Park is an award-winning master-planned industrial development, which has exhibited the most successful lease-to-core story in the marketplace. The portfolio properties are situated on 114 acres off Statesville Rd at an irreplaceable infill location adjacent to I-77. From this prime logistical position, Metrolina offers seamless connectivity to I-485 and I-85 – the industrial backbone of the Southeast.

Pete Pittroff, Patrick Nally, Travis Anderson, Jody Thornton and Dave Andrews of the JLL Capital Markets team represented the seller in the transaction.

“This process is a credit to Beacon, Clarion, the quality of the project itself and the robust real estate fundamentals in the Charlotte marketplace,” says Senior Managing Director Pete Pittroff.

“Despite a highly unpredictable investing environment, industrial real estate remains an incredibly stable and high returning alternative asset class. Evidenced by the Metrolina transaction, we’ve seen a significant repricing of core industrial from a fundamental risk/return perspective and specifically in a high-growth top secondary market like Charlotte, the risk premium over traditional gateway markets has noticeably contracted,” said Senior Director Patrick Nally. “The Metrolina transaction affirms the fact that Charlotte’s industrial capital markets environment is exceedingly healthy, and that Charlotte is an incredibly attractive and highly coveted market for allocators of core capital.”

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 delivers 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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