Equus Capital buys Charlotte business park for $102M, more than double its 2015 price

CHARLOTTE — Equus Capital Partners has added an industrial park in southeast Charlotte to its portfolio.

The Pennsylvania-based investment firm acquired Greylyn Business Park for $102 million from Cleveland-based Weston, according to an Equus representative. The sale closed March 26. The deed had not been posted in Mecklenburg County online records as of March 27.

Weston, an industrial developer and property management firm, had acquired the more than 56-acre site for $46 million in July 2015, according to Mecklenburg County property records.

Greylyn is a 19-building, 648,060-square-foot industrial park along Monroe Road in the East Forest neighborhood, near McAlpine Creek Park. It was built between 1965 and 1998 and has a mix of mid- and small-bay industrial properties.

The park is currently 93% leased to 91 tenants, according to a news release from Equus. Tenants there include American Products, Anixter Charlotte, Deacon Food Service Solutions, Ultimate Bicycle, DGK Design and Build, Southern Home Studios and Community Culinary School of Charlotte.

The firm is planning a series of capital improvement projects that will address maintenance issues, modernize building systems, add spec suites and renovate landscaping to add more curb appeal. Those improvements, along with strategic leasing initiatives, will help reposition the property to better align it with market preferences, according to Equus.

Tim Feron, senior vice president of acquisitions at Equus, said in a statement that Greylyn’s infill location differentiates the property from other small-bay industrial parks in the market. The development type is becoming increasingly difficult to replicate in today’s market, he said.