Stream Realty Tapped to Lease 1.4 MSF Industrial Portfolio
Blue Ridge Industrial has selected Stream Realty Partners as the leasing agent for its 1.4 million-square-foot industrial portfolio. Totaling 28 buildings, the assets are situated across North Carolina’s Triad area.
The Blue Ridge portfolio will be overseen by Stream’s Managing Director Jason Schnittger, alongside Senior Vice President Bradley Dunn and Associate Parker Byrd.
“Newly constructed facilities in the Carolinas typically cater to tenants larger than 75,000 square feet,” Dunn told Commercial Property Executive. “Blue Ridge Industrial is completing an extensive capital program at these second-generation properties that will include amenities like sprinklers, LED lights and new office areas that are characteristic of new buildings but at a price point and size range that is accessible to tenants with smaller footprints. This will allow the 2,000 to 50,000-square-foot tenant to access these important features.”
Dunn continued to explain that these improvements are key due to the majority of tenants in the area seeking this type of space in the market.
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In the first quarter of this year, industrial asking rates in Greensboro/Winston-Salem remained mostly flat, a recent Cushman & Wakefield report shows. Further, the vacancy rate was up 4.5 percent on a year-over-year basis.
The market’s industrial footprint is expanding, as Carroll Industrial Development is now looking to lease Southeast 85 PowerPlex, a 1.5 million-square-foot master-planned complex in Greensboro, N.C., set for completion in 2025.
Portfolio specifics
South Park comprises most of the buildings, representing 1.3 million square feet and includes flexible, single-tenant and multi-tenant layouts. The properties are in between Greensboro and Winston-Salem, located approximately 24 miles and 5 miles away, respectively.
Included in the portfolio are mid-bay, shallow facilities such as 4300 and 4320 Greensboro Rd, located in Winston Salem, N.C. Completed in 1980 and 1986 respectively, the properties encompass a total of 160,000 square feet. Another second-generation mid-bay facility is in Kernersville, N.C. Situated at 1459 Brookford Rd., the 48,860-square-foot building came online in 2001.
All three properties were part of a portfolio sale, acquired by Blue Ridge Industrial from TPG in 2023, CommercialEdge data shows.
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