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Monarch Equities Lands on Steele West Business Center in Charlotte
Wyoming-Based Monarch Equities has purchased Steele West Business Center, a four-building, 47,680-square-foot industrial/flex property in located in the southwestern industrial submarket of Charlotte, NC.
Matt Smith, Patrick Gildea, Anne Johnson, Grayson Hawkins, and Bryan Crutcher of CBRE represented the seller, St. Louis, MO-based Bamboo Equity Partners in the sale to Monarch Equities, which acquires industrial and medical office building properties in strong growth markets.
“Strong market fundamentals continue to funnel capital into flex product,” said Smith. “Rising construction costs and the lack of suitable land make it extremely difficult to replicate this product, especially in infill locations like Westinghouse Boulevard. The asset is well positioned to benefit from stable cash flow and future rental rate growth.”
Steele West Business Center features four 11,920-square-foot buildings with showroom/office space, 18-foot clear height, and dock high and drive-in doors for each 6,000-square-foot tenant space. The property sits on 4.22 acres on Westinghouse Blvd and is fully occupied.
- ◦Sale/Acquisition
