News & Media

CBRE Affiliate Buys Industrial Property In Mooresville For Nearly $135M

By Cooper Metts – Staff Writer, Charlotte Business Journal

A massive industrial park in the Mooresville area recently changed hands as part of a bigger, multistate portfolio transaction.

CBRE Investment Management acquired the North Charlotte Commerce Center for $134.7 million, Iredell County records show. The deed for the transaction was filed Aug. 14.

CBRE IM is a global real assets investment management firm with $154.8 billion in assets under management as of June 30. It is an independently operated affiliate of CBRE Group (NYSE: CBRE).

An entity linked to Revantage, a Blackstone (NYSE: BX) portfolio company, was the seller. Revantage did not respond to a request for comment on this story.

CBRE IM’s acquisition is part of a 2.3 million-square-foot portfolio transaction spanning New Jersey, Georgia and North Carolina. The entire portfolio is 100% leased, CBRE said.

The North Charlotte Commerce Center is a three-building industrial park at 134 Serviceberry Way, 142 Serviceberry Way and 156 Exmore Road. It spans over 900,000 square feet. The property sits between Interstate 77 and U.S. Highway 21/Charlotte Highway, north of N.C. Highway 150.

Strategic Real Estate Partners developed it on behalf of Blackstone’s Link Logistics. It announced plans to do so in 2022.

The building at 142 Serviceberry Way is the newest — and the largest — of the three, checking in at 723,533 square feet. It was delivered in May 2024.

Carolina Beverage Group occupies all of that building.

The 134 Serviceberry Way building is 112,980 square feet and was delivered in November 2022, while 156 Exmore Road is 89,920 square feet and delivered in October 2023.

Beverage manufacturer Battle Copacking lists a business address at 134 Serviceberry Way, and Quantum Machinery Group lists a business address at 156 Exmore Road.

CBRE IM acquired the park because of its occupancy and position along the I-77 corridor in Iredell County. Its location in one of the fastest-growing affluent submarkets in the Southeast also contributed to the decision.

Charlotte is a target market for CBRE IM.

Read the full story here.