Class A distribution center sells in Charlotte, North Carolina
JLL arranges the sale of CBI Distribution Center in Southwest Charlotte
CAROLINAS, May 1, 2024 – JLL Capital Markets announced today that it arranged the sale of CBI Distribution Center, a 60,000-square-foot, mission-critical logistics facility located in Charlotte, North Carolina.
JLL represented the seller, an affiliate of Zurich Alternative Asset Management, in the sale to a private investor, a family investment company based in Charlottesville, Virginia.
The property is located at 2817 Westinghouse Blvd. and is fully leased to ONECBI, LLC, d/b/a CBI Workplace Solutions ("CBI") with 6.5 years of lease term remaining. It was built in 2017 and features front-load configuration, 24-foot clear heights, nine dock-high doors, one drive-in door, 10 knock-out panels and 44 parking spaces spanning 9.880 acres.
CBI Distribution Center is located just two miles from the I-485/I-77 interchange, offering prime connectivity to the Charlotte MSA. The property is located within ten miles of I-85, the logistics super corridor offering seamless connectivity to all the major markets throughout the Southeast including Richmond, Raleigh-Durham, Greensboro-Winston-Salem, Greenville-Spartanburg and Atlanta.
The JLL Capital Markets team was led by Senior Director Dave Andrews, Senior Managing Director Pete Pittroff, Director Josh McArdle and Analyst Michael Lewis.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Zurich Alternative Asset Management
Zurich Alternative Asset Management (“ZAAM”) runs a national core and core-plus investment program out of New York which targets office, retail, industrial and multifamily properties and has directly acquired approximately $2 billion of assets since 2013. ZAAM also manages non-core, value-added assets aggregating just under $1 billion. ZAAM recently raised approximately $500 million of international equity for investment in a core and core plus program in a new open-ended fund, and continues to add to its portfolio under management, which spans across 26 states aggregating more than 15 million square feet of commercial real estate space and more than 1,400 multifamily units.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.