Pressley Business Center


Overview

Asset Size: 61,000 SF
Location: Charlotte, NC
Product Type: Urban Industrial
Strategy: Capital Appreciation

Opportunity & Strategy

  • Off-Market Transaction – Abacus sourced this asset by leveraging its local network in an off-market transaction
  • Last Mile Location – 1000 Pressley is equidistant to the CBD and airport, 0.3 miles from I-77, 0.5 miles from numerous breweries and under a 10 minute drive from the highest demographic rooftops in Charlotte
  • Opportunity to Institutionalize Asset – this highly functional legacy shallow-bay industrial will be uptiered into the institutional marketplace with the redevelopment of the façade, new office suites and addition of a state-of-the-art fire suppression system
  • Below Market Rents – in-place rents at 1000 Pressley were about 50% of market rents creating the opportunity to mark rents to market as leases roll in conjunction with offensive capital improvements to the property