Leon Industrial Enters Charlotte With $12M Purchase
Leon Industrial, a Leon Capital Group subsidiary, has paid $11.5 million for a 120,000-square-foot industrial property in Rock Hill, S.C. Graham Capital sold the asset, while Avison Young brokered the transaction on its behalf and will also provide leasing services for the new owner.
Leon Industrial will implement a substantial improvement and renovation program at the Class B facility to attract tenants in need of small bay space.
Measuring nearly 8 acres, the property includes one grade-level door, 10 dock-high doors and two exit ramps—with a third one under construction. Leon Industrial’s upcoming changes will include an upgraded exterior, lighting and parking space enhancements.
The 1974-built facility is at 2690 Commerce Drive, near Interstate 77. Charlotte is 23 miles from the property while Charlotte Douglas International Airport is within 25 miles.
This is the Texas-based buyer’s first acquisition in metro Charlotte, N.C. Leon seeks to further expand in the Southeast region and has recently established its Charlotte office, according to Charlotte Business Journal. The asset is fully vacant, the same source shows. It last changed hands for $10 million in 2022, CommercialEdge information shows.
Avison Young Principals Chris Loyd and Tom Tropeano, together with Vice President Ryan Kendall worked on behalf of the seller and will provide leasing services on behalf of the new owner.
Charlotte’s affordable industrial product
Industrial sales volume in Charlotte reached $1.5 billion in 2024, a recent CommercialEdge report shows. Assets changed hands at an average of $89 per square foot—the lowest among Southern markets. The national average stood at $129 per square foot. As of January, Charlotte’s 7.4 percent vacancy rate was one of the lowest in the region, surpassed only by Houston (6.5 percent) and Nashville, Tenn. (6.8 percent). The national figure stood at 8 percent.
A recent notable acquisition for the metro was Stonelake Capital’s $13.5 million deal. The company picked up a 123,140-square-foot, fully leased facility from Steins Fiber. Avison Young also brokered this deal on behalf of the buyer.
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