Minneapolis-based Meritex, a private real estate investment and management company, announced its first acquisition in the Charlotte, NC real estate market with the purchase of the industrial CLT Logistics Center for $46.3 million. In a deal brokered by CBRE, the 11 building industrial complex was sold by Carlson Real Estate. Terms of the sale were not disclosed, and it’s unclear when Carlson originally acquired the property.
“This acquisition is in keeping with our strategy of investing in markets that provide opportunity for growth, expansion and diversification,” said Dan Williams, chief investment officer for Meritex, in a press release. “The CLT Logistics Center comes with a sizable and diverse array of highly functional assets and excellent tenants. It also provides us with the opportunity to develop up to three modern industrial buildings totaling 200,000 square feet on the adjacent land site.”
The 583,021 square foot complex at Yorkmont and International Drive includes a 14-acre land parcel ready for development. Each building features durable and attractive concrete tilt wall construction, 18-20 foot clear heights, full sprinkler system, truck-high loading docks and drive-in doors, and abundant parking. The property was 91% leased at the time of sale with major tenants including Bimbo Bakeries, FedEx and DC74 Data Centers. Foundry Commercial has been named the listing agent and property manager for CLT Logistics Center.