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Second major Union Cross Business Park logistics site sold for $30 million

Second major Union Cross Business Park logistics site sold for $30 million

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The second logistics center operated by Pepsi Bottling Ventures LLC in Winston-Salem has been sold for $30.05 million, according to a Forsyth County Register of Deeds filing Monday.

The 28.73-acre tract at 295 Business Park Drive in Union Cross Business Park contains a 315,444-square-foot building.

The buyer is MDC NC3 LP, an affiliate of publicly-traded Realty Income Corp. of San Diego.

The seller is RT Union Cross II LP, an affiliate of Link Logistics of New York, which focuses on supply chain properties. The group bought the property for $16.1 million in September 2007.

The purchase appears to be outside Realty’s normal ownership and leasing strategy that focuses on convenience stores, dollar stores, grocery chains, movie theaters, fitness chains, wholesale clubs and home-improvement stores.

Realty has 207 properties in North Carolina, representing about 3.1% of its annual lease revenues.

In December 2017, Realty paid $20.83 million to buy the Walmart Supermarket campus at 4550 Kester Mill Road in Winston-Salem.

Realty Income said on its website that it “focuses on acquiring freestanding, single-tenant properties under long-term, net lease agreements.”

In February, the Pepsi Bottling Ventures logistics center at 390 Business Park Drive was sold for nearly $35 million to a Los Angeles asset-management group.

The buyer is a Chicago-based affiliate of Griffin Capital Real Estate Co. of El Segundo, Calif., while the seller is an affiliate of Tratt Properties LLC of Phoenix.

The complex consists of 51.5 acres and a 526,320-square-foot building.

Griffin Capital says it is an “alternative investment asset manager.” It has owned, managed, sponsored or co-sponsored investment programs representing more than $17 billion in assets.

The firm’s investment strategies include: diversified core real estate and global corporate credit securities; direct real estate ownership in sector-specific portfolios focused on leasing office and industrial assets; and multifamily real estate.

Pepsi Bottling committed to the 390 Business Park Drive building in July 2012, saying it would spend at least $81.7 million on new equipment and property over seven years.

The company said at that time it planned to either buy the property or lease it for at least 10 years. The company chose the site because there is adjacent land for further expansion.

Although the company said it would retain its local workforce of 307 with the 2012 expansion, it did not say how many new jobs would be created. In a legal notice filed by the Forsyth Board of Commissioners, the company said it would add at least 198 jobs.

In return, the company has been made eligible for nearly $1.74 million in local incentives — $1 million from the city of Winston-Salem and $737,582 from the county.

336-727-7376

@rcraverWSJ

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