Dalfen Industrial announced the acquisition of a 304,200 square foot industrial property in Winston Salem, NC. Built in 2006, Union Cross Distribution Center has features sought after by modern e-commerce tenants, including being strategically located one mile off of I-74 with convenient access to I-40 and I-85. This location provides an excellent last mile distribution opportunity to reach Winston Salem, Greensboro, and High Point’s 1.7 million population base. The Piedmont Triad’s industrial market continues to be very tight with limited available inventory, coupled with high tenant demand and absorption from last mile tenants.
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Located in the Union Cross submarket, this area provides a distinct advantage with accessibility, and a high-quality tenant base with institutional ownership. The building is 100% occupied by one tenant who is currently paying below market rent, providing a significant upside during renewal as well as during exit. Other tenants in the area include Fedex, Amazon, Caterpillar, Proctor & Gamble, and PepsiCo.
“Sourced off-market and below replacement cost, Union Crossing Distribution Center is a great addition to our North Carolina portfolio,” said Kevin Caille, Market Officer at Dalfen Industrial. “The vacancy rate in this market is a tight 2.3% due to continued and strong tenant demand which is expected to continue.”
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“The demand for industrial properties in North Carolina continues to outpace supply,” said Sean Dalfen, President and Chief Investment Officer at Dalfen Industrial. “We have had tremendous success in the Carolinas and are always looking for the next opportunity to expand our footprint in this market.”
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