By Ashley Fahey – Real Estate Editor, Charlotte Business Journal
A local commercial real estate investment firm has acquired a small industrial property in southwest Charlotte.
Abacus Capital acquired the approximately 60,000-square-foot building at 1000 Pressley Road this week for $4.8 million, according to Mecklenburg County real estate records. Abacus purchased the property from Pressley Road Property LLC, which paid nearly $2.2 million for the property in 2015.
The building was 80% leased at the time of the sale, which was an off-market transaction. Abacus paid nearly $80 per square foot for the property.
Abacus plans to make changes to the building exterior, deliver new office suites and add a new fire-suppression system.
Wes McAdams, managing partner of Abacus Capital, said in a statement the firm is kicking off its “last mile/last touch” infill industrial program with the acquisition of 1000 Pressley.
“With the continued evolution and urbanization of infill Charlotte, we believe this is a product type that should see above-trend rent growth and occupancy performance for the foreseeable future,” McAdams said. “We look forward to aggregating a meaningful portfolio of similarly well-located and functional shallow-bay industrial assets on behalf of our clients in the months and years ahead.”
There is demonstrated demand for infill industrial product within city limits, as so much warehouse space in Charlotte has been redeveloped to make way for new office buildings, apartment projects and other developments. Last week, for example, Beacon Partners acquired a 95,736-square-foot warehouse in east Charlotte with an eye toward attracting last-mile users.
Elsewhere in Charlotte, Abacus’ other projects include the former Pavilion at South End, now called The Avenues at Atherton, as well as Latta Pavilion in Dilworth.
At 1000 Pressley, Tom Tropeano and Chris Loyd at Avison Young handled the sale on behalf of Abacus and will lease the property. Foundry Commercial is property manager. WDM Design is the architect of record. Piedmont Contracting Group is the general contractor.