CHARLOTTE, July 21, 2021 – Birmingham-based Graham Capital announced today that it has acquired a $9.85 million Class-B, industrial warehouse totaling 164,230 square feet in Charlotte’s Gastonia submarket. The acquisition is the fourth investment deal for Graham Capital Fund I, which has closed on $75 million of industrial real estate thus far in 2021.
The shallow-bay warehouse, located at 1224 Isley Drive, is 47 percent leased to 2 tenants with a weighted average lease term remaining of ~2 years. Graham Capital has plans to substantially improve the property with a newly painted exterior, upgraded lighting, major repairs to the truck court, and possible expansion of the rear storage yard.
Situated on 12.2 acres, the property features a new roof, ESFR fire protection, rail access, and considerable outside parking & storage capacity. Graham Capital was attracted to the property’s functionality, prime location less than a mile from Interstate 85, and the near-term upside via vacancy lease up and in-place rents ±13% below market. Stream Realty will continue to lease and manage the property for Graham Capital.
“This transaction represents a fantastic opportunity to acquire a functional, shallow bay warehouse at below replacement cost.” said Taylor Graham. “The property and value-add profile fits nicely within Fund I’s investment strategy. We hope to acquire or develop additional industrial assets in the Charlotte market.”
Graham Capital is a real estate investment company based in Birmingham, Alabama, focused on the acquisition and development of highly functional distribution centers in high-growth Southeastern industrial markets, which continue to experience above-market rent growth, high barriers to entry, and the deepest demand among institutional investors.