$9.15M financing secured for acquisition of two Charlotte properties
JLL Capital Markets led the financing efforts for 2109 and 2121 Westinghouse Blvd. in Charlotte’s flagship industrial submarket
CAROLINAS, July 12, 2022 – JLL Capital Markets announced today that it has arranged $9.15 million in financing for 2109 and 2121 Westinghouse Blvd., two buildings totaling 152,852 square feet in Charlotte, North Carolina.
JLL worked on behalf of the borrower, Edgewater Ventures, to secure the three-year fixed-rate loan through a correspondent life company. Loan proceeds were used to acquire the property in a sale-leaseback transaction.
The multi-building property is 100% leased to the Boy Scouts of America, who operate their national distribution center in the building as well as a retail “Scout Shop.” The buildings contain 149,882 square feet of industrial space and 2,970 square feet of retail space.
2109 and 2121 Westinghouse Blvd. are positioned in the Westinghouse submarket, Charlotte’s largest industrial submarket with 41.4 million square feet of existing supply. The property has a prime last-mile distribution location at the corner of Interstates 77 and 485 just 10 miles from the Charlotte Douglas International Airport. Both of these freeways connect to Interstate 85, which is considered the industrial backbone of the Southeast.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Travis Anderson, Senior Director Taylor Allison and Analyst Jovi Rodriguez.
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Edgewater Ventures
Edgewater Ventures is a commercial real estate investment firm that is focused on the acquisition and development of industrial, office, multi-family and life sciences assets across the Carolinas. Our team members have dedicated their entire careers to the maximization of real estate value through the identification of opportunities and the first-class operation of assets for our clients and partners. With over 50 years of combined experience and years of working together, the Edgewater team brings a unique corporate culture and passion for the industry that has consistently translated into exceptional results. Founded in January of 2020, Edgewater currently owns and operates a portfolio of 3.7 million square feet of properties throughout the Carolinas and has offices in Raleigh and Wilmington, North Carolina.