Westcore, a leading industrial real estate acquisition, development and asset management firm, is the new owner of Union Cross Industrial Center, a two-building, 340,000-square-foot industrial portfolio in Winston-Salem, North Carolina. Westcore purchased the portfolio from Winston-Salem-based Front Street Capital for $36.9 million.
Developed by Front Street Capital in 2019, Union Cross Industrial Center consists of two Class A warehouses at 4980 and 4991 Millennium Drive that are 140,000 square feet and 200,000 square feet, respectively. The latter has capacity to be expanded by 110,000 square feet.
The property is located in the high-growth submarket of Southeast Forsyth with easy access to numerous major interstates and highways, offering efficient distribution throughout the sunbelt states. The Piedmont Triad International Airport is approximately 17 miles away.
“We are pleased to add a newly constructed, 100% leased industrial property to our growing portfolio and to mark our entrance into the North Carolina Market,” said Westcore Managing Director Hack Adams. “While most of our recent investment activity has focused on the western states and Texas, we recognize the strong market dynamics of the Carolinas.”
Union Cross Industrial Center’s modern, in-demand features include 32-foot clear heights, trailer parking, concrete tilt-wall construction with ESFR sprinkler systems and LED lighting and truck courts between 140 and 180 feet. The 4991 building also has a cross-dock configuration in addition to its potential for expansion.
Westcore represented itself in the transaction, while Cushman & Wakefield’s Rob Cochran, Nolan Ashton, Bill Harrison, Stewart Calhoun, Casey Masters, Bobby Finch, Jason Ofsanko and Hap Royster represented the seller.
Founded in 2000, Westcore is a fully integrated industrial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding, Westcore has acquired, managed and sold more than $10 billion in assets, comprised of more than 1,000 buildings and totaling over 100 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles, Oakland and Dallas.