TMCnet News
ABR Capital Partners and Somerset Properties Acquire Charlotte Flex Industrial AssetABR Capital Partners (ABR) and Somerset Properties are pleased to announce the acquisition of Scarlet Oak-a flex industrial property in Charlotte, North Carolina. The property was acquired on behalf of ABR Chesapeake Fund VI, a value-add real estate fund sponsored by ABR. CBRE's Matt Smith represented the seller. Scarlet Oak totals 81,118 sf of industrial and office space spread over 12.8 acres. It is located at 8700-8702 Red Oak Boulevard just 5 miles south of Charlotte Douglas International Airport and 6.5 miles southwest of downtown Charlotte. Built in 1981, Scarlet Oak was renovated in 2022 and includes 17'4" clear heights, 17 dock doors and a 3.0x parking ratio. The property offers suite sizes ranging from 3,692-15,529 sf. "Charlotte's flex industrial market has been robust for the past several years and we believe is well-positioned for continued growth," commented Mark White, Managing Principal of Somerset Properties. "Scarlet Oak is well-located and has attractive in-place income. As leases expire, we plan to enhance the value of the property by lowering the overall office finish and adjusting rents to market," adds Armen Melikian, Somerset's Director of Acquisitions. "We are pleased to be partnering with Somerset again and are confident in their ability to successully execute the business plan," said Tom Burton, ABR's Senior Managing Director and CIO. The acquisition represents the third transaction between Somerset and an ABR-sponsored fund. ABR Capital Partners (ABR) is a Baltimore-based real estate investment manager with a proven fifty-year track record, unconstrained access to the broadest opportunities in the middle market, and deep, long-standing relationships with leading real estate operators across the United States. ABR specializes in value-add, opportunistic, and core-plus investments in the middle market, and takes a focused yet flexible approach regarding market, property type, and capital structure, with a goal of maximizing risk-adjusted returns at the asset and portfolio level. Since the inception of the firm, ABR has acquired over $4.5 billion of assets, representing over 400 transactions, and six firm-sponsored real estate funds. For more information visit abrcapital.com. Somerset Properties is a full-service real estate investment and operating company with a 25+year track record of creating value for investors through acquisitions, development, property management, leasing, marketing, and capital markets expertise. Since inception, Somerset Properties has owned and managed nearly 13 million square feet with a gross asset value of roughly $1.1 billion. The firm is managed by a team of 40 real estate professionals under the direction of Anthony Brady and Mark White, career real estate specialists with over 30 years of experience in all facets of commercial real estate investing. To learn more, visit somprop.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240213874360/en/ |
