Beck and Byrnes represented the seller, Benson Properties Inc., in the transaction. No outside brokers were involved in the deal.
The property consists of two recently developed rear-load 32-foot clear industrial distribution buildings containing approximately 402,000 square feet on 19.0 acres.
The property consists of 35,850 square feet of retail space along University Drive, plus 19,680 square feet of office suites tucked behind the shopping center.
“Having achieved 90 percent lease-up prior to breaking ground, this center shows the continued strength of large format brick-and-mortar retail destinations across multiple use categories.”
CBRE’s Christian Lee, Chris Riley, José Lobón, Amy Julian, and Royce Rose represented Butters in the transaction.
“Modern, last-mile logistics centers like Bridge Point Commerce Center continue to outperform the market,” said Kevin Carroll, Partner, Southeast Region of Bridge Industrial. “We are pleased to have been able to take advantage of historically low interest rates and lock into an extremely attractive fixed rate.”
Negotiations are underway with a national grocer, gas station, high end national coffee shop, national dental provider, a first-class daycare, as well as several other restaurants and service-oriented businesses.
Senior Vice President Kimberly Barbar is handling the sale.
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The partnership plans to develop a 200,000 square foot industrial building on the 12.5-acre site.