Griffin Industrial Realty has acquired a 277,000 square-foot industrial building in Concord for about $18.6 million.
The building is Griffin’s first property in the Charlotte area.
“We have studied the Charlotte market for several years and believe it has strong long-term fundamentals driven by continued population growth, new business formations and relocation, and the influx of manufacturing in the region, all of which drive demand for industrial or warehouse space,” Michael Gamzon, the company’s CEO and president, said in a statement.
Gamzon said the company was also attracted by the building’s location in Concord and the region’s access to the highway networks.
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Located at the International Commerce Center in Concord, the building is 1.3 miles away from Interstate 85 and less than 10 miles from Interstate 485. Constructed in 2015, the building is currently 74 percent leased.
Griffin is a New York City-based operator and developer of industrial properties, with a field office in Bloomfield, Conn.
“We don’t have anything specific yet, but we hope to continue to acquire buildings or land development projects in the Charlotte area,” Anthony Galici, CFO of the company, said in an interview. “Hopefully, we will be able to do more there.”
Chris Riley with CBRE represented the seller, and Trinity Partners’ William Maxwell and Terry Brennan represented Griffin.
Wei Zhou: 704-358-5240