135-141 Cupped Oak Drive in Stallings, North Carolina — Courtesy: Accordia
By Joshua Burd
Accordia has made another acquisition outside New Jersey, adding more than 46,000 square feet of shallow-bay industrial space in suburban Charlotte, North Carolina.
The Fairfield-based firm said the portfolio at 135-141 Cupped Oak Drive in Stallings includes two buildings constructed in 1999 and 2004. With 18-foot clear ceiling heights, 11 dock-high doors and nine drive-in doors, the park caters to multiple user types with suite sizes ranging from 7,000 to 16,200 square feet, offering the flexibility to scale spaces in response to market demand.
At the time of the sale, the 46,400-square-foot complex was 100 percent leased to five tenants, according to a news release. Accordia noted that the submarket’s vacancy rate is below 0.5 percent for shallow-bay space, with a limited supply of new development, a high percentage of owner-occupied buildings and an 11 percent year-over-year rental rate increase from early 2023 to early 2024.
The off-market deal, which was sourced through Foundry Commercial, follows Accordia’s purchase last fall of a 35,542-square-foot shallow-bay property in Charlotte that marked its first acquisition outside the Northeast.
“We are thrilled to add 135-141 Cupped Oak Drive to our portfolio,” said Matthew Pizzolato, executive vice president and head of acquisitions and capital markets at Accordia. “This acquisition strengthens our foothold in the Charlotte market and aligns with our strategy to acquire highly functional, shallow-bay industrial properties in infill locations below replacement costs.”
