A Charlotte-based real estate investment management firm has purchased a Ross Stores distribution center in Fort Mill for $14 million, commercial real estate investment firm DTZ said Monday.
The building off Interstate 77 at Exit 88 totals more than 255,000 square feet. The distribution center is 100% leased by Ross, which operates Ross Dress for Less stores.
DTZ represented the seller, which declined to be identified. Property tax records show the previous owner was an affiliate of Aegon USA Realty Advisors, a subsidiary of Aegon Asset Management. The purchaser was Beacon Industrial, a Charlotte-based firm.
DTZ senior managing director Rob Cochran said the building sold very quickly. DTZ began marketing the building in November and closed the deal shortly before Christmas. “It was a really short turnaround,” said Cochran.
York County southwest of Charlotte is booming, fueled by corporate relocations and population growth. Cochran said potential buyers “recognized the opportunity to achieve much higher returns in the future as the area continues its explosive growth.”