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The Union Cross Industrial Center, a two-building industrial portfolio totaling 340,000 square feet in Winston-Salem. The properties were recently sold to a San Diego industrial real estate group.
A San Diego industrial real-estate group is making its entrance into the Triad by paying a combined $36.9 million for two properties in southeastern Winston-Salem.
The properties in Union Cross Industrial Center are: a 200,000-square-foot facility on 21.5 acres at 4991 Millennium Drive that sold for $21.6 million; and a 140,000-square-foot building on 11.17 acres at 4980 Millennium Drive that sold for $15.27 million.
Bunzl Distribution USA Inc. opened a $13.4 million plant at the 4991 Millennium site in 2019. The plant site has the capacity for adding 110,000 square feet of space.
Southern Carlson, a fastener and hooks manufacturer, is the tenant at 4980 Millennium.
The buyer of both properties is Westcore CG II Union Cross LLC, an affiliate of Westcore.
The sellers are UCIC LLC and UCIC-11 LLC, both affiliated with Front Street Capital of Winston-Salem. Cushman & Wakefield represented the sellers.
“We are pleased to be closing our first acquisition in North Carolina and look forward to continued growth of our industrial base in the Carolinas,” Westcore managing director Hack Adams said in a statement.
Front Street partner Robin Team said the tenants will remain and that “the timing was right to dispose of these assets.”
“Westcore has been looking into North Carolina exposure for some time and was drawn to the opportunity,” said Matt McInnis with Front Street.
In September 2019, a Front Street affiliate paid $5.5 million for 4900 Millennium Drive, 4980 Millennium Drive and 0 Millennium Drive.
The 4900 Millennium property contains 62.24 acres and is on the western most edge of the Temple School Road industrial campus that also includes facilities with Caterpillar Inc., Herbalife Nutrition Ltd. and Bunzl.
The 4980 Millennium property contains 11.17 acres, while 0 Millennium Drive contains 0.75 acres.
“This is an industrial park for us, approximately 100 acres,” Team said in September 2019.
“We have room for two more buildings totaling as much as 600,000 square feet,” Team said.
In July, Front Street completed the $64 million sale of the 610,000-square-foot Union Cross Distribution Center, one of the largest speculative industrial buildings in the Triad.
The distribution and warehouse facility is on a 42.8-acre tract at 4501 Wallburg Road in Winston-Salem. Front Street — Wallburg 2 LLC, an affiliate of Front Street, was the seller.
The facility was purchased by Union Cross GT LLC, a joint venture involving Galaxy Investments LLC and Halle Acquisitions of Silver Springs, Md.
The logistics facility has had The Ardagh Group as its tenant since April. The company has said it plans to have up to 40 employees at the facility.
Front Street has been redeveloping what was once referred to as Building 23-1 in downtown Winston-Salem into Bailey South, along with the Morris Building, for nearly 100,000 square feet of office and retail space. That includes having space on the third floor.
The renovation costs have been estimated at being at least a $25 million capital investment.
An anchor tenant is The Variable with 21,500 square feet on the fifth and sixth floors. The group focuses on business innovation, marketing consulting and advertising services.
In June, Encore Bank, based in Little Rock, Ark., said it had signed a lease for a full-service branch in Bailey South.
The privately-held boutique bank, founded in 2019, identified the 4,547-square-foot branch at 450 N. Patterson Ave. as its first entrance into the Triad. The office would be on the second floor of the six-floor building.
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The Union Cross Industrial Center, a two-building industrial portfolio totaling 340,000 square feet in Winston-Salem. The properties were recently sold to a San Diego industrial real estate group.
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