1920 and 2020 Starita Road in Charlotte — Courtesy: Accordia
By Joshua Burd
Accordia has expanded its footprint in the Southeast with its acquisition of more than 97,000 square feet of industrial space in Charlotte, the company said Monday.
The firm, which is based in Fairfield, said it paid $17.8 million for the two-building property at 1920 and 2020 Starita Road. The 97,330-square-foot Starita Exchange portfolio is part of the institutionally owned Woodland Business Park, providing what Accordia described as a rare shallow-bay opportunity in a market with exponential rent growth in the category.
Notably, the deal also marks its first under a new closed-end general partnership equity fund, which will target value-add real estate investment opportunities in partnerships with institutional joint ventures.
“Demand for shallow-bay spaces in Charlotte has outpaced supply for some time, which makes investment opportunities like Starita Exchange especially attractive,” said Accordia Principal Jason Bogart, whose firm now owns and manages five such properties in the region.
The newly added buildings, which are 85 percent leased, have 20 dock doors and nine ramped drive-ins between them, offering extensive infill distribution capabilities for tenants, according to a news release. Suite sizes range from 4,860 to 14,580 square feet, with an average unit size of 7,500 square feet and a depth of 135 feet, while each unit has 100-foot-deep truck courts and rear-load capabilities at clearances of at least 16 feet.
There is also ample car and trailer parking for employees, visitors and truck drivers, Accordia said.
“This is a really unique project with a high-performing infill product that’d be very costly to duplicate today,” said Dave Andrews, a senior director with JLL, the investment advisers on the project. “The location speaks for itself.”
Accordia, meantime, touted the Charlotte metro area as one of the fastest-growing regions in the United States and one of the best places to do business in the country. Starita Exchange is directly off Interstate 85, less than two miles from Interstate 77, less than four miles from Interstate 277 and less than nine miles from Charlotte Douglas International Airport.
“As Charlotte continues to grow in population and commercial density, we will be there to provide good quality buildings to the businesses that service and support that growth,” said Frank D. Recine, a principal with Accordia. “Properties like Starita Exchange are precisely what these companies are looking for as they grow.”
Accordia grows Charlotte portfolio with 46,000 sq. ft. shallow-bay industrial deal
