Overview
Trinity Partners, LLC is pleased to serve as exclusive advisor for the sale of 6125 & 6135 Lakeview Road, a 160,355 square-foot office/warehouse asset located in Charlotte’s North industrial submarket ("Harris Ridge").
Strategically positioned along WT Harris Boulevard, a major east-west corridor featuring a variety of Class A industrial, office, and retail projects, the Property provides near-instant access to I-77 and the I-485 loop serving the burgeoning residential and commercial areas in north Charlotte and the greater MSA.
Currently 59% occupied with 5.4 years of WALT among existing tenants, Harris Ridge benefits from near-term cash flow stability that will allow new ownership to focus on repositioning the existing vacancies and capitalize on historically low submarket and market wide vacancy rates.
Investment Highlights
Unrivaled Location with Strong Transportation Fundamentals
- Core/infill/urban location in the heart of the North Submarket, with unrivaled access to high-quality, dense amenities
- Near instant access to I-77 and I-485
Dynamic Value-Add Profile Within Supply Constrained Market
- Dramatic discount to replacement cost - exceptionally low basis provides ample margin to reposition the property with higher warehouse finish; estimated replacement cost would exceed $250 / SF
- 59% occupied with WALT of 5.4 Years
- Wtd. average in-place rate of $14.65 / SF reflects the quality of the asset and location
- 3.1% Submarket Vacancy and 4.3% vacancy across the MSA
Highly Desirable Product Type With Diverse Suite Offering
- Existing vacancies range from 5,830 to 20,068 SF; vacancy for spaces <20,000 among competing properties in the submarket is less than one percent (1%)
- 18' clear height
- Mix of Dock High and Ramp/Grade Level Loading
- Institutional quality construction and ownership for decades
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