CBRE Capital Markets has facilitated the sale of Crescent Communities’ Lakemont East Building, a newly constructed 201,788-sq.-ft. Class A industrial facility located in Fort Mill, SC, part of Charlotte’s premier Southwest submarket.
Hartz Mountain Industries, Inc., acquired the property developed by Crescent Communities, LLC. CBRE’s Patrick Gildea, Anne Johnson, Bryan Crutcher, and Matt Smith represented the seller, Crescent Lakemont East, LLC, in this transaction.
“As Industrial has become a preferred product type nationally, we have witnessed stronger interest in the Charlotte market than ever before,” said Mr. Gildea, executive vice president at CBRE Capital Markets. “Charlotte’s unwavering fundamentals, combined with a lack of available ‘for-sale’ product, will continue to drive pricing and Crescent has delivered an exceptional product right at the intersection of these two forces.”
The Lakemont East Building features 32-ft. clear height via a modern design in Charlotte’s strongest and most land-constrained submarket, with immediate access to the coveted intersection of I-77 and I-485. The existing property has the flexibility to accommodate multiple tenants or a large single user.
“Having already received such tremendous service by Anne Johnson and Bryan Crutcher with CBRE with regard to the inbound activity, it was an easy decision to further engage the CBRE Capital Markets team regarding this opportunistic disposition,” noted Brian Leary, President of Crescent Communities’ Commercial and Mixed Use business.
According to CBRE’s Southeast Real Estate Market Outlook 2018, the strengthening fundamentals of the Charlotte industrial market have also impacted the investment sales market, where scarcity of product and high demand have resulted in pricing increases, particularly for quality buildings with desirable features. The market is very strong from a capital markets and leasing standpoint and is expected to sustain momentum for the next two years.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
