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ABR Capital Partners, Somerset Properties acquire Charlotte flex industrial asset
Transactions - FEBRUARY 14, 2024

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ABR Capital Partners, Somerset Properties acquire Charlotte flex industrial asset

by Denise Moose

ABR Capital Partners (ABR) and Somerset Properties announced the acquisition of Scarlet Oak — a flex industrial property in Charlotte, N.C. The property was acquired on behalf of ABR Chesapeake Fund VI, a value-add real estate fund sponsored by ABR. CBRE represented the seller.

Scarlet Oak totals 81,118 square feet of industrial and office space spread over 12.8 acres. It is located at 8700-8702 Red Oak Blvd. just five miles south of Charlotte Douglas International Airport and 6.5 miles southwest of downtown Charlotte. Built in 1981, Scarlet Oak was renovated in 2022 and includes 17.4-foot clear heights, 17 dock doors and a three times parking ratio. The property offers suite sizes ranging from 3,692 square feet to 15,529 square feet.

“Charlotte’s flex industrial market has been robust for the past several years, and we believe is well-positioned for continued growth,” said Mark White, managing principal at Somerset Properties.

The acquisition represents

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