Charlotte-based Beacon Partners recently made its latest acquisition, buying an industrial property along Statesville Road that it intends to hold long term.
The commercial real estate firm paid $7.5 million for a 31,755-square-foot building at 7205 Statesville Road, according to Mecklenburg County property records. The sale closed on March 13. Beacon bought the property from Dallas firm Compatriot Capital.
Pete Kidwell, Beacon Partners president and managing partner, said the property is leased by Sunbelt Rentals. The company, which rents out tools and equipment for construction, industrial, commercial and residential projects, has a long-term lease in place, Kidwell said.
"Beacon recently acquired another building from the same owner in Raleigh, and we’ve performed pretty well there and were able to parlay it into this acquisition," he said. "It's a long-term (tenant) in an irreplaceable location in Charlotte."
Kidwell, who took over earlier this year for Beacon co-founder Pete Lash, told Charlotte Business Journal previously that the firm's industrial business has been integral in its success and will continue to be important to the growth strategy.
"We continue to invest in durable assets in the Carolinas," he said today. "The industrial outside storage property sector has been hot as of late, and there’s really a diminishing supply of those projects within and around I-485."
Beacon owns and manages several industrial properties in the area, including Carolina Logistics Park. The park spans more than 300 acres and will include over 4 million square feet of industrial space upon full buildout. Carolina Foods, Bosch Rexroth Corp., Amazon.com Inc. (NASDAQ: AMZN) and W.W. Grainger Inc. are among the major tenants there.
The firm, founded in 1989 by Lash and Ed Weisiger Jr., develops, acquires, leases and manages industrial, office and mixed-use properties in the Charlotte and Raleigh-Durham regions. Its local development portfolio includes The Station at LoSo, The Square South End and The RailYard.