CHARLOTTE, NC (August 3, 2023)—Industrial Outdoor Ventures (IOV), an investor in industrial service facilities (ISF) across the U.S., has completed a long-term lease with STG Logistics for a Charlotte, NC cross-dock truck terminal at 3408 N. Graham St. The asset was acquired in 2022 and the lease was executed after a series of improvements were made to enhance the marketability of the asset. This represents the second lease transaction IOV has completed with STG Logistics.
The transaction represents an expansion and relocation within Charlotte for the national transportation and logistics company. The Graham St. property is a 62-door cross-dock terminal that includes a 30,625-square-foot building on 8.80 acres of land. Following the demolition of a small service building on site, IOV expanded the number of trailer parking positions to 100.
STG Logistics will use the property for general warehouse and logistics purposes, distribution and related truck and trailer parking.
“An important strategy for IOV as we continue to grow and expand our portfolio of assets is to be a national, single source solution provider for companies such as STG Logistics,” said Eric Johnson, Senior Vice President, Industrial Outdoor Ventures. “Expanding our portfolio in key markets and completing a standard level of improvements makes our properties more attractive to clients with multi-market requirements.”
Johnson added that the ability to acquire quality assets, complete property improvements and secure a strong, credit-worthy tenant like STG Logistics validates IOV’s Charlotte expansion plans.
“We continue to be very excited about growing our presence in Charlotte,” he added. “The location of these cross-dock terminal properties in an increasingly important and popular distribution market like Charlotte positions them for great long-term success.”
In early 2022, IOV entered the Charotte market with the acquisition of neighboring properties at 3408 N. Graham Street and 3500 N. Graham Street. The property at 3500 N. Graham Street is a 74-door, 48,820-square-foot cross-dock terminal on 11.76 acres. Kamps Pallets has a long-term lease for a majority of the property, including the cross-dock terminal and yard area. Star Leasing has a long-term lease of the remaining 3.5 acres of land for equipment storage and operations.
The properties are well-located, in close proximity to Charlotte Douglas International Airport, one mile from exit 40 on I-85 and three miles from uptown Charlotte.
STG Logistics is also a long-term tenant at IOV’s property located at 11022 Mesa Dr. in Houston where they lease approximately 35 acres for truck, trailer, and container storage.
Henry Lobb, SIOR, Principal, and Gray Gaines, Senior Associate, both with Avison Young, represented IOV in the lease transaction. They had previously represented IOV in the acquisition of the Charlotte assets. Trevor Ragsdale and Rich Grieder with JLL represented the tenant in the lease transaction.
ERIC JOHNSON
Senior Vice President, Development & Acquisitions
Phone: 312.898.2978
Email: eric@iovre.com
ANTHONY DELAURENTIS
Acquisitions Officer
Phone: 847.595.0263
Email: anthony@iovre.com