The Portfolio is located in four separate submarkets within the Greater Charlotte Area (Rock Hill, Concord, Lake Norman/Mooresville, and North Charlotte). This acquisition allows the Company to achieve critical mass in Charlotte at a significant discount to replacement cost.
The southern portion of the Portfolio (“Southcross” – two buildings comprising 67,819 s.f.) is located in the city of Rock Hill, South Carolina, just south of the North Carolina border and approximately 30 minutes from Uptown and Charlotte International Airport (“CLT”). The Southcross buildings are currently 100% occupied and consist of four tenants with units ranging in size from 4,011 s.f. to 39,000 s.f. Southcross was developed with two other buildings, which were previously sold to users.
The most central project within the Portfolio (“77 Overlook” – three buildings comprising 216,977 s.f.) is situated approximately fifteen minutes north from Uptown and twenty minutes from CLT, directly adjacent to the I-77 freeway providing seasonal freeway visibility. 77 Overlook is currently 100% occupied by two tenants with building sizes of 40,098 s.f., 64,196 s.f., and 112,683 s.f.
The project located in Concord (“International”) consists of five buildings totaling 200,737 s.f. and is approximately 25 minutes northeast of Uptown and 30 minutes from CLT, just off the I-85 freeway. International is currently 79.46% occupied by eight tenants with three vacancies totaling 41,233 s.f. (one vacancy is very recent) and has suite sizes ranging from 4,820 s.f. to 63,340 s.f. Note that this project includes a 73,941 s.f. neighboring building with a call center tenant and with a significant amount of parking.
The northernmost project in the Portfolio (“Lakefield” – three buildings comprising 74,920 s.f.) is located in the submarket of Mooresville, which is approximately 30 minutes north of Uptown and CLT, just off the I-77 freeway. The three buildings are currently 100% occupied by ten tenants, with units ranging in size from 3,470 s.f. to 14,675 s.f. Lakefield was initially developed as a five-building project, though two of the buildings have since been sold to other users.