KBS Lands $38M for Charlotte Industrial Campus
KBS has obtained a $38.4 million loan for the refinancing of Crossroads Distribution Center, a four-building, 496,723-square-foot industrial campus in Charlotte, N.C.’s Airport submarket.
The note supplants an existing $28.8 million refinancing arrangement originated by Citizens in 2020. Joe Donato, a vice chairman at Newmark, led the team that worked on behalf of borrower.
At the Carolinas’ crossroads
KBS bought the Crossroads Distribution Center in 2008 for $26 million, according to CommercialEdge information. The campus, primarily intended for warehousing and distribution users, was built over a nine-year period from 1998 to 2007 and includes facilities ranging from 70,581 to 152,080 square feet.
All the buildings, labeled I through IV, are on Granite Street, roughly 10 miles southwest of downtown Charlotte. The warehouses have tilt-up walls and clear heights ranging from 24 to 30 feet, being surrounded by 110- to 140-foot truck courts and 50-foot concrete aprons. On-site amenities include a lounge and fitness center, as well as a car wash and detailing shop.
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According to KBS, many of the property’s tenants sell and ship imported products. Charlotte Douglas International Airport is 6 miles north of the campus.
Crossroad Distribution Center is surrounded by many neighbors in the warehousing sector, including distribution centers used by Amazon and Frito-Lay. Other local businesses leasing space in the area are primarily in the masonry, piping, food distribution and refrigeration sectors.
On the opposite side of Granite Street, Crossroads faces Interstate 77, with connections to interstates 277, 485 and 85, all within 13 miles. The state’s border with South Carolina is half a mile in the opposite direction.
KBS’ Southern activities
Around the same time as the Crossroads refinancing, KBS also extended the maturity date of an $76 million loan encumbering Providence Towers, a 510,529-square-foot office complex in Farmers Branch, Texas. CommercialEdge shows that the note, provided by PNC Bank, was originally set to mature in 2027. The property is now financed through 2029.
The firm purchased the Class A building in 2009 and renovated it three years later. Its current tenants are in the insurance, legal, government and financial services sectors. Transwestern currently handles leasing at the property.
KBS has been active in the Lone Star State’s industrial sector as well. Last month, the firm sold two properties in Austin and Houston.
A 1031 investor represented by MIG Real Estate acquired the Austin property, a 260,112-square-foot light industrial campus that came online in 2002. The 222,750-square-foot light industrial complex in Houston was sold to HPI Holdings LLC.
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