Mission-critical distribution facility in North Carolina sells
JLL Capital Markets closed the $7.4M sale of a single-tenant, net-leased manufacturing and distribution building in Wilkesboro, North Carolina
CHARLOTTE, March 2, 2022 – JLL Capital Markets announced today that it has closed the $7.4 million sale of an 80,000-square-foot, single-tenant industrial facility triple net leased to InterFlex Group in the northern North Carolina community of Wilkesboro.
JLL marketed the property on behalf of the seller, Agracel, Inc. Gladstone Commercial Corporation (Nasdaq:GOOD) acquired the asset.
Situated on 9.2 acres at 251 Industrial Dr., the property serves as a mission-critical manufacturing and distribution facility that was built-to-suit in 2014 for InterFlex, an innovative global leader in flexible and sustainable packaging solutions. With 12.7 years of remaining lease term, the tenant uses the facility for its manufacturing and distribution of packaging products, and the property is less than two miles from its North American headquarters.
The facility is positioned at the epicenter of Wilkes County’s industrial activity in Wilkesboro, which is 58 miles west of Winston-Salem and 77 miles north of Charlotte, providing easy access to the critical infrastructure of the largest MSAs in the state. The property is adjacent to US-421, which connects to the Greensboro-Winston Salem-High Point metro area, also known as “the Triad.” This strong logistics location is also proximate to I-77 and I-40, providing connectivity to Charlotte and Raleigh, as well as I-85, the industrial backbone of the Southeast.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Pete Pittroff; Managing Director Patrick Nally; Director Dave Andrews and Analysts Zach Lloyd, Michael Scarnato and Josh McArdle.
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 $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 Agracel, Inc.
Agracel is an industrial development company headquartered in Effingham, Illinois with offices in Greenville, South Carolina; Birmingham, Alabama; Nashville, Tennessee; and Columbus, Ohio. Over the past 36 years, the company has focused exclusively on partnering with non-urban communities to facilitate job creation and be a value-added development partner. Agracel provides an array of development services such as site selection, build-to-suit turnkey, build-to-suit leasebacks and acquisition-leasebacks. For more information, visit agracel.com.
About Gladstone Commercial
Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of December 31, 2021, Gladstone Commercial's real estate portfolio consisted of 129 properties located in 27 states, totaling approximately 16.2 million square feet. For additional information please visit gladstonecommercial.com.