Last-mile distribution facility in Charlotte sells to EQT Exeter
JLL Capital Markets completed the sale of the logistics facility in Charlotte’s high-demand Airport Industrial submarket
CHARLOTTE, May 13, 2021 – JLL Capital Markets announced today that it has closed the sale of an 83,599-square-foot last-mile logistics facility at 2708 Yorkmont Rd. in Charlotte, North Carolina.
2708 Yorkmont Rd. provides exceptional access to a network of major transportation thoroughfares, including Interstates 77, 485 and 85, which is known as the industrial backbone of the Southeast. Situated within the high-demand Airport Industrial submarket, the facility is within minutes of some of Charlotte’s largest commercial and residential areas – Uptown, South End and South Park – and Charlotte Douglas International Airport. There are limited development opportunities within this submarket, making this an irreplaceable, last-mile location.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Pete Pittroff, Managing Director Patrick Nally, Managing Director Brad Cherry, Associate Dave Andrews and Analyst Michael Scarnato.
“Last-mile logistics facilities are in extremely high demand from both tenants and institutional capital,” Pittroff said. “JLL would like to thank Brady Holdings for the opportunity to represent them and congratulate EQT Exeter on another successful acquisition in the Charlotte market.”
According to JLL Research, the Charlotte Industrial market remains healthy and is expected to be one of the largest beneficiaries of the ongoing industrial cycle of expansion. The Airport Industrial submarket had no new deliveries for industrial product in the first quarter of 2021 and a vacancy rate of only 6.6%. With less than one million square feet under construction and a lack of available land, facilities like the one at 2708 Yorkmont Rd. are in high demand.
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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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 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About EQT Exeter
EQT Exeter is a real estate investment manager focused on industrial properties and portfolios across North America and Europe. As hands-on operators, EQT Exeter’s experienced team of real estate experts acquires, develops and manages big box warehouse, multi-tenant logistics and select suburban and urban office and multi-family properties out of multiple regional offices. Its combination of local execution and national scope allows EQT Exeter to construct diversified, high-performing portfolios to deliver superior real estate solutions to its tenants and to deliver proven risk-adjusted returns to its investors. For more information, visit exeterpg.com.