Stonelake Capital Partners has purchased a 123,140-square-foot industrial building in Charlotte, N.C. Albany, N.Y.-based Steins Fiber sold the property for $13.5 million, Mecklenburg County public records show.
Avison Young arranged the transaction on behalf of the buyer, while Piedmont Properties represented the seller.
The deal marks Stonelake Capital Partners’ second off-market industrial purchase in the metro. The company entered the Charlotte industrial market in late 2024, with the acquisition of a fully occupied, 402,390-square-foot facility. At the time, Stonelake Capital Partners paid $51 million for the property, which is situated within the Concord Airport Business Park. That transaction was also arranged by Avison Young.
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The property is at 6000 Old Concord Road and it’s fully leased to Foundation Building Materials and Dixie Plywood & Lumber Co., CommercialEdge shows. The asset allows easy access to interstates 485, 85 and 277. Charlotte Douglas International Airport is within 13 miles, while Concord, N.C., is 22 miles away.
The building features 22-feet clear heights, 13 dock high doors, one grade level door, LED lights, skylights, a fenced truck court and potential for outdoor storage space of as much as 2 acres. Avison Young’s Principals Chris Skibinski, Henry Lobb, Vice president Abby Rights and Associate Broker Jewell Gentry worked on behalf of the buyer. Partner Will Jenkins, Director of Investments Marc Hedrick and Investment Associate Jack Harvey with Stonelake Capital Partners also assisted. The seller was represented by Piedmont Properties’ President Scott Hensley.
Strong industrial activity
Industrial properties traded at one of the lowest average sale prices in the South region, of $79 per square foot, a recent CommercialEdge report shows. Charlotte’s industrial sales volume stood at $781 million, outperforming Baltimore ($486 million) and Memphis ($362 million). The metro maintained its position as one of the South’s tightest markets, with an industrial vacancy rate of 5.4 percent, below the 7.5 percent national average.
In December, INDUS Realty Trust acquired a majority stake in a 21-building industrial portfolio with assets in Charlotte and Charleston, N.C. Dubbed The Carolinas Portfolio, the 4.3 million-square-foot collection is valued at $575 million. Earlier last year, LM Real Estate Partners paid $97 million for an approximately 1.4 million-square-foot industrial property in the area, in a deal brokered by Avison Young.