CAI Investments LLC, a property manager/developer and private placement sponsor, has purchased a 470,000-square-foot manufacturing facility in the Charlotte suburb of Statesville, North, Carolina for a future Delaware statutory trust offering.
Situated on 21 acres of land, the manufacturing facility includes approximately 52,300 square feet of office space and is located near major freeways with access to rail transportation.
The property, renovated in 2010, is fully occupied by Kewaunee Scientific Corp. (NASDAQ: KEQU), a manufacturer of laboratory, healthcare, and technical furniture products with customers that include Chevron, Johnson & Johnson, Shell, Intel, Proctor & Gamble, Dupont, among others. All products are manufactured at the Statesville facility.
Kewaunee Scientific has occupied the building since 1955 and signed a new 20-year lease, with 2 percent annual rent increases, when CAI purchased the facility.
“We continue to expand the CAI portfolio by targeting and acquiring mission critical industrial properties which we believe have tenants who create products in industries that will be in demand for years to come,” said James Hickey, senior vice president of capital markets.
Headquartered in Las Vegas, CAI Investments is a real estate development company that finances, develops, and manages commercial properties in key markets across the United States.