An Alabama company has purchased a Charlotte-area industrial property for $12.5 million.
Graham Commercial Properties recently bought a 14-acre industrial park in Belmont. The property includes a 125,000-square-foot, Class A industrial building off Interstate 85.
The Industrial Distribution Group occupies the building, which is 100 percent leased. The property had been owned by Acre IDG LLC, a New York City-based company associated with development firm iStar.
“We saw the opportunity to enter the Charlotte industrial market through an investment in a quality property with a solid tenant. The I-85 corridor is one GCP’s tier one targets, and this investment aligns with our core growth strategy,” said Gardner Lee, president of Birmingham-based GCP, in a statement.
“We are encouraged and excited to see new investors finding value in the Charlotte industrial market,” said Chris Skibinski, principal at Avison Young, who represented the seller.