The industrial project in Belmont, known as RiverWest, has recently been sold by Tribek Properties for a total of $70.1 million. The sale was made to LBA Realty/LBA Logistics at an average price of $115 per square foot.
According to the Charlotte Business Journal, both buildings within RiverWest were fully leased at the time of the transaction and together offer over 610,000 square feet of industrial space. The larger building spans 383,000 square feet and was purchased for $45 million by tenant Kiser Harriss Chemical Distribution Centers. Meanwhile,the smaller building covers 228,000 square feet and was acquired for $25.3 million by Total Packaging and Trophy Depot.
Tribek first announced its development plans for RiverWest in 2020 as their inaugural industrial project.The two buildings were completed in late fourth quarter of last year.
Leading JLL’s capital markets team is Pete Pittroff who facilitated this successful sale.
