Birmingham-based Graham Commercial Properties has announced the sale of a large distribution center in Shelby Commerce Park.
The 247,000-square-foot Class A building that was leased to Plantation Patterns in 2014 was sold for $11 million, according to a release from Graham Commercial Properties.
“Execution of the Plantation Patterns lease and ultimate sale of this property is a sign of the strengthening market,” said GCP CEO Brad Sandidge. “Occupancy of industrial real estate is tightening up in the Birmingham market and attracting investors.”
GCP’s sister company Graham & Co. and DTZ handled the transaction. GCP’s management group will continue to serve in its capacity as property manager of Shelby Commerce Park, including the Plantation Patterns building.
GCP wasted no time in reinvesting the capital gained from the sale, announcing the $12.5 million purchase of the 125,000-square-foot industrial space at 2100 The Oaks Pkwy. in Belmont, N.C.
“We saw the opportunity to enter the Charlotte industrial market through an investment in a quality property with a solid tenant,” said Gardner Lee, president of GCP. “The I-85 corridor is one of GCP’s tier one targets, and this investment aligns with our core growth strategy.”
Built in 1999, the Belmont property represents GCP’s entry into the North Carolina market.
GCP is currently seeking more potential resources of new equity infusion into the company’s growing portfolio. Future equity will result in aggressively pursuing new value-add deals in new markets across the entire Southeast, the company said.
The company currently has 26 industrial properties across Alabama, Florida and now North Carolina.
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