Front Street Sells Newly Built Distribution Center for $64M

Halle Acquisitions Picks Up Fully Leased, 610,000-Square-Foot Facility

Front Street Capital has sold the Union Cross Distribution Center, a newly constructed cross-dock logistics facility in Winston-Salem, North Carolina, for $64 million, or about $105 per square foot.

Front Street Capital, which developed the distribution center, sold the property to Galaxy Investments LLC/Halle Acquisitions, according to Cushman & Wakefield, which brokered the deal.

Union Cross Distribution center totals 610,000 square feet and is located at 4051 Wallburg Road. The entire facility was fully leased to a multinational tenant at the time of the sale, according to Cushman & Wakefield. That tenant is Ardagh Metal Beverage USA, according to CoStar data.

The distribution facility features 40-foot clear heights, cross-dock loading, LED lighting and concrete tilt-wall construction. It also has access to the Triad's major transportation arteries along with the Piedmont Triad International Airport. It is also adjacent to the Union Cross Business Park, a 403-acre industrial park occupied by several nationally recognized tenants.

"This facility is in the heart of Winston-Salem’s Southeast Forsyth submarket, which has had strong tenant demand, minimal new supply, and is accessible to 6.2 million residents within a 100-mile radius," Rob Cochran, executive director at Cushman & Wakefield, said in a statement. "There are no signs of the leasing market slowing down, making the facility a highly desirable distribution hub for name brand global and national companies."