
Metro 63
5700 Royce Street, Kannapolis, NC, 28083, US
70,228 m²
On behalf of Ownership, Jones Lang LaSalle Americas, Inc. ("JLL") has been retained as the exclusive sales representative for North Commerce Center (the "Portfolio"), a 195,384 square foot Class A logistics portfolio delivered in 2024 by Crow Holdings Industrial in the Charlotte, North Carolina MSA. The offering is 100% leased to two (2) tenants with 7.1 years of WALT, providing in-place cash flow with robust consistent yield growth courtesy of 3.7% blended average annual escalations. North Commerce Center’s two (2) buildings sport efficient 200-210'-deep rear-load configurations with 32’ clear heights, ESFR sprinklers and LED lighting with motion sensors, as well as a shared 190’-deep truck court with
25 trailer parking spaces.
Situated at an advantageous distribution location in the suburb of Cornelius, North Commerce Center benefits from close proximity to I-77, the primary north/south artery connecting the affluent northern communities of the MSA to the Charlotte city center. The facilities access the Lake Norman area, one of the largest concentrations of decision-makers and a top residential location for high-net-worth individuals in the Charlotte metro region.
IN-PLACE CASH FLOW WITH STRONG CONSISTENT YIELD GROWTH
• 100% leased to two (2) tenants, Belden USA (85,134 SF; NYSE: BDC) and Registix, LLC (110,250 SF) with 7.1 years of WALT
• Favorable cash flow growth profile with in-place rents increasing by a blended 3.7% annually, providing robust predictable yield expansion
• Advantageous renewal option language providing for multiple Fair Market Value (FMV) extensions at the greater of FMV and increase over prior
BEST-IN-CLASS LOGISTICS AND DISTRIBUTION DESIGN PROFILE
• Rear-load configurations serviced by shared 190’-deep truck court with 25 trailer parking spaces – a rare addition for small-format product
• 32’ clear heights with ESFR and LED lighting with motion sensors
• Multiple storefronts with double-row auto parking to support future multi-tenant leasing configurations
ADVANTAGEOUS LOGISTICS LOCATION
• Situated at a distribution location in Cornelius, North Carolina, one of the primary suburbs of the affluent Lake Norman area – one of the hotspots for high-net-worth
individuals and decision-makers in the MSA
• Situated less than three (3) miles from multiple I-77 exits, providing access to the primary north/south artery of the Charlotte metro area
• I-77 offers connectivity to the I-40 corridor to the north and I-85 to the south, enhancing regional logistics access to nearly 2.9 million consumers in a one (1)-hour drive time
ECONOMIC DYNAMISM OF LAKE NORMAN AREA
• Proximate to Birkdale Village, a dynamic live-work-play master-planned development in neighboring Huntersville that just announced an additional $200 million mixed-use expansion
• Healthcare giant Atrium Health is nearing completion on Atrium Health Lake Norman, a 171,000 square foot hospital campus that is located less than two (2) miles away on US 21
• The median household income of the city of Cornelius, North Carolina is $128,792, approximately 50% higher than the Mecklenburg County average ($85,933)
• Household density per square mile in the city of Cornelius is more than 20% higher on average than the rest of the county, preserving the last-mile distribution capabilities of the Portfolio