9201 Forsyth Park Drive in Charlotte — Courtesy: Denholtz Properties
By Joshua Burd
Denholtz Properties has acquired a nearly 54,000-square-foot building in Charlotte, marking its first deal under a newly formed, $1 billion joint venture for industrial properties.
The Red Bank-based firm said the asset, 9201 Forsyth Park Drive, sits within the city’s largest industrial submarket and is fully leased to three tenants. It also has strong access to major arteries including SR-Westinghouse Boulevard and interstates 77 and 485, along with the key Southeast region industrial corridor of Interstate 85.
The deal comes three months after Denholtz announced the launch of a platform with an unnamed partner, with plans to invest more than $1 billion to acquire and develop multitenant industrial properties.
“With a strong location in one of the nation’s hottest industrial markets, endless flexibility and a quality tenant base, 9201 Forsyth Park Drive fits the asset type we sought to acquire with the launch of our joint venture earlier this year,” said Stephen Cassidy, president of Denholtz Properties. “We are excited to expand our industrial portfolio in the Charlotte market and look forward to adding similar assets in the months to come.”
In a news release, Denholtz said the 53,811-square-foot Forsyth Park building is fully air conditioned and has heavy power, seven loading docks, four grade-level rollup doors and 18-foot clear ceiling heights. It occupies a region that has seen a 50.8 percent increase in population since 2000 and has a projected 4 percent growth rate over the next three years, the firm noted, while citing an economy with a talented labor pool, a strong manufacturing and distribution market and a rapidly emerging presence in the energy industry.