920 Black Satchel
Equity Industrial Partners (EIP), a prominent industrial real estate investment and development firm, exemplified their expertise in value-add opportunities with the successful acquisition and development of the property at 920 Black Satchel in Charlotte, NC. This case study showcases EIP's strategic vision and commitment to nurturing long-term relationships with their tenants.
Acquisition and Multi-Tenant Occupancy
In 2008, EIP acquired the property at 920 Black Satchel. At the time of purchase, the building was multi-tenanted and enjoyed a high occupancy rate of 93%. The tenants included Coca-Cola, Lindy's Homemade, and Fleet Maintenance. Recognizing the potential of the property and its strategic location, EIP set out to capitalize on the value-add potential of the land.
Lease Amendments and Expansion with Coca-Cola
Between 2015 and 2018, EIP executed four lease amendments with Coca-Cola, a major player in the beverage industry. The amendments facilitated Coca-Cola's expansion into the entire building, consolidating their operations and solidifying their commitment to the location.
Building Improvements for Expansion
During the expansion process, EIP invested in significant building improvements to accommodate Coca-Cola's growing needs. These improvements included adding an additional truck court to enhance logistics capabilities. A partial roof replacement was undertaken to ensure the building's structural integrity, and the expansion premises received a fresh coat of paint for a refreshed appearance. Lighting upgrades were implemented to provide enhanced visibility and energy efficiency.
Success Story: A Collaborative Tenant Relationship
The case study of 920 Black Satchel demonstrates Equity Industrial Partners' prowess in industrial real estate investment and development. The strategic acquisition, multiple lease amendments, and building improvements for Coca-Cola's expansion exemplify EIP's commitment to delivering value to their tenants and fostering long-term relationships.
Equity Industrial Partners' successful transformation of 920 Black Satchel into a consolidated hub for Coca-Cola highlights their expertise in value-add real estate investment and development. The strategic acquisition, multiple lease amendments, and building improvements for tenant expansion showcase EIP's dedication to creating exceptional industrial properties. By investing in substantial property enhancements and collaborating with esteemed tenants, EIP has solidified their position as a trusted leader in the industrial real estate market, providing superior value and performance for their portfolio.