Birmingham-based commercial real estate company GCP sold a large industrial property in Charlotte, N.C., for $19.55 million.
GCP said it sold 2100 The Oaks Parkway, a two-building 125,213-square-foot Class A warehouse and office campus. The buyer was the tenant at the property, Vallen Distribution Inc.
“Vallen is an ideal tenant, and we are pleased with the value created at the property,” said Taylor Graham, VP of Investments for GCP. “We will reinvest the capital from this sale into another industrial product in the region to complement our portfolio.”
GCP acquired the property in 2015 and completed significant upgrades in a multimillion dollar renovation.
Chris Norvell and Patrick Nally of HFF represented GCP in the transaction that closed on Jan. 2.
GCP specializes in industrial real estate properties, including light manufacturing, e-commerce, and logistics buildings in the Southeast. The company has continued to grow since launching a few years ago.