Invesco Real Estate Income Trust (INREIT) has acquired a 61,200-square-foot industrial building located in Concord, N.C.
The property is well-located in the Cabarrus County submarket of the Charlotte, N.C., metro area, approximately two miles from Interstate 85 and Highway 73, and is currently 100 percent leased.
After two years of primarily focusing on private real estate debt and structured investments, this investment marks INREIT’s first majority owned direct real estate investment since July 2022. This investment brings INREIT’s industrial allocation to 15 percent and increases gross assets to more than $1 billion.
“The Charlotte metropolitan area continues to expand with an influx of new residents and an increasing number of jobs, notably within the manufacturing sector. This investment aligns with our belief in the long-term demand for highly functional industrial buildings in growing markets,” said R. Scott Dennis, president and CEO for INREIT.
