Newtown Square’s Equus Capital Partners recently paid $102 million for Greylyn Business Park, an industrial park in southeast Charlotte, North Carolina, writes Elise Franco for the Philadelphia Business Journal.
The sale was finalized on March 26. The seller, Cleveland-based Weston, had bought the property for $46 million in July 2015.
Greylyn, a 19-building industrial park totaling 648,060 square feet, was developed between 1965 and 1998 and consists of a mix of mid- and small-bay industrial properties. The park is currently 93 percent leased to 91 tenants, including American Products, Deacon Food Service Solutions, Ultimate Bicycle, Southern Home Studios, and Community Culinary School of Charlotte.
Equus is planning a series of capital improvements, including addressing maintenance needs, upgrading building systems, adding spec suites, and enhancing landscaping to boost curb appeal. According to the company, these efforts, along with targeted leasing strategies, are expected to reposition the site to better align with the current market demand.
“With a broad range of suite sizes, the property can accommodate everything from local service providers to larger, national users,” said Tim Feron, senior vice president of acquisitions at Equus.
Read more about Equus Capital Partners and its recent industrial park purchase in the Philadelphia Business Journal.
