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| Metrolina Park, an eight-building core logistics portfolio totaling nearly 1.9 million square feet in Charlotte, NC |
CHARLOTTE, NC – JLL Capital Markets announced it has closed the sale of Metrolina Park, an eight-building core logistics portfolio totaling nearly 1.9 million square feet in Charlotte, North Carolina.
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| Pete Pittroff |
JLL worked on behalf of the seller, Beacon Partners, a leading developer, owner and operator of institutional-quality real estate in the Carolinas. New York-based Clarion Partners, one of the largest industrial owners in the U.S., purchased the portfolio on behalf of one of its co-mingled funds.
Developed by the seller, Metrolina Park is an award-winning master-planned industrial development ,which has exhibited the most successful lease-to-core story in the marketplace.
The portfolio properties are situated on 114 acres off Statesville Rd at an irreplaceable infill location adjacent to I-77. From this prime logistical position, Metrolina offers seamless connectivity to I-485 and I-85 – the industrial backbone of the Southeast.
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| Patrick Nally |
Pete Pittroff, Patrick Nally, Travis Anderson, Jody Thornton and Dave Andrews of the JLL Capital Markets team represented the seller in the transaction.
“This process is a credit to Beacon, Clarion, the quality of the project itself and the robust real estate fundamentals in the Charlotte marketplace,” says Senior Managing Director Pittroff.
“Despite a highly unpredictable investing environment, industrial real estate remains an incredibly stable and high returning alternative asset class."
"Evidenced by the Metrolina transaction, we’ve seen a significant repricing of core industrial from a fundamental risk/return perspective and specifically in a high-growth top secondary market like Charlotte, the risk premium over traditional gateway markets has noticeably contracted,” said Senior Director Nally.
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| Travis Anderson |
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
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| Jody Thornton |
Beacon Partners is a Charlotte-based commercial real estate firm specializing in the development, acquisition, leasing and management of industrial and office properties.
Beacon Partners leases and manages over 10 million square feet of space throughout the Carolinas.
About Clarion Partners
Clarion Partners, LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 38 years.
Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe.
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| Dave Andrews |
With over $55 billion in total assets under management, Clarion Partners offers a broad range of both equity and debt real estate strategies across the risk/return spectrum to its more than 400 domestic and international institutional investors.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.
JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
CONTACT:
Kristen Murphy
Senior
Manager, Public Relations
Investor Services
JLL
One
Post Office Square, Suite 3500
Boston,
MA 02109
T
+1 617 848 1572
M
+1 617 543 4873
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