Asking Price
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 1990
Building Area

Property Description

Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained as the exclusive sales representative

for 6924 Orr Road (the “Property”) – a 149,709 square foot logistics facility located at a highly

infill site in Charlotte, North Carolina. The Property is leased to IGL Logistics and Brothers Freight

Management (“Brothers Freight”) with 2.6 years of weighted average lease term remaining. IGL

Logistics is an all-encompassing 3PL company that has shown a dedication to the Charlotte market

with two (2) of its four (4) locations in Charlotte - both its warehousing hub at Orr Road and its main

corporate headquarters. Brothers Freight is a full-service freight logistics company that has been

operating for over 20 years and Orr Road serves as its new mission-critical corporate office, as well

as a full-service warehousing and fulfillment center.

The extremely well-located logistics facility is located within four (4) miles of I-85, six (6) miles of

Charlotte CBD and less than eight (8) miles from the I-85 / I-77 Interchange and the I-485 / I-85

Interchange, which gives access to both major thoroughfares in the area, I-85 and I-77. This location

creates a unique dynamic that gives the Property immense connectivity to the entire Charlotte MSA

and surrounding cities. Moreover, due to rising construction costs and a premium on available land,

the Property is being offered well below replacement cost and at a competitive basis in comparison

to similar product in the market. The Property is strategically positioned along The LYNX Blue Line,

which is the Charlotte region's first light rail service. At just over 18 miles long, the rail operates

from I-485 at South Boulevard to UNC Charlotte’s main campus in University City. Located just off

the light rail and just north of Uptown Charlotte is the North Davidson Arts District, more commonly

known as "NoDa", which represents being located off North Davidson street. NoDa has long been

known as Charlotte’s art district, its blocks full of shops, restaurants, bars and plenty of public art.

The property features 19 docks and one (1) drive-in, a large truck court, and ample trailer storage

space. Overall, 6924 Orr Road presents investors with the opportunity to acquire a highly infill

property that presents great connectivity to the fundamentally resilient Charlotte industrial market.

Investment Highlights

ACCESS TO BOOMING CHARLOTTE MSA

• Cumulative population growth of 50.8% since 2000 and 4.0% projected

growth in the next three (3) years

• Charlotte continues its rapid growth with extremely strong industrial

fundamentals – posting an increase in both deliveries and absorption

while maintaining around a 5.5% vacancy rate

WELL-LOCATED INFILL PRODUCT

• Located within four (4) miles of Charlotte’s highly desirable NoDa

neighborhood and within eight (8) miles of the I-85 and I-77 interchange,

providing seamless access to the entire Charlotte MSA

• Access to a Lynx Blue Line Light Rail station within 1.5 miles which runs

18.9 miles long and operates from I-485 at South Boulevard to UNC

Charlotte’s main campus in University City

HIGHLY SOUGHT-AFTER TRAILER STORAGE

• The property includes over two (2) acres of income producing land

utilized for trailer storage

• Trailer storage is extremely rare in the infill Charlotte market and is highly

desired by industrial users

BELOW REPLACEMENT COST ACQUISITION

• The Property is being offered well below replacement cost given its small

footprint and rising development costs environment

• A low basis entrance point to a highly sought-after market

Last Updated Date: 21 Jun 2021
Pete Pittroff
Pete Pittroff
Senior Managing Director, Carolinas Co-Head
License details
NC-163984
Patrick Nally
Patrick Nally
Managing Director, Capital Markets
License details
NC-282053

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Last Updated Date: 21 Jun 2021

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