Commercial real estate developer and manager Comunale Properties (“Comunale”) is strategically focusing on industrial acquisition opportunities in the Carolinas, purchasing an interstate-fronting warehouse property in Salisbury, North Carolina and actively pursuing additional deals in the region.
Located just north of metro Charlotte, the 3.13-acre site includes a stand-alone warehouse and more than a half-acre of Industrial Outdoor Storage (IOS) capability. The asset fronts Interstate 85 at 1428 Lutheran Synod Dr., offering direct connection to the Charlotte and Greensboro metro markets, and North Carolina’s robust distribution network.
Immediately upon acquisition, Comunale leased the property’s 25,600-square-foot warehouse to a leading national mechanical, fire protection and HVAC services company that will use the building for a regional fabrication facility. The company also intends to fully utilize the site’s 0.54 acres of secure IOS land.
“This was an attractive option for investment, offering a vacant warehouse in a high-demand market, direct interstate frontage and a secure, fenced yard suitable for IOS use, which is a focus for Comunale and a requirement of the tenant,” said Comunale President John Comunale. “It is also part of our larger effort to seek out and invest in industrial assets in the Carolinas, particularly those with IOS capabilities, which are becoming tremendously valuable to companies who have outgrown their facilities and need extra space for uses like trailer or container storage, truck terminals, or construction and equipment staging.”
“Comunale focuses on high-growth markets with strong economic demand drivers, and Charlotte is a great fit for our investment thesis,” said Matt Dodge, Vice President of Investments for Comunale. “The area’s robust economy, coupled with its relatively low cost of living, is driving significant population and consumer growth. A substantial transportation network also makes Charlotte the epicenter of distribution in the Carolinas, as evidenced by the market’s 3% industrial vacancy rate.”
Ben Rowell of Foundry Commercial represented the property seller. Comunale was unrepresented.
The North Carolina acquisition is part of Comunale’s continued growth strategy targeting investment and development of light industrial properties in key U.S. growth markets.