LBA Logistics has expanded its industrial holdings with the acquisition of two warehouse properties in Union Cross Industrial Park near Winston-Salem. The investor purchased the assets from Westcore for a combined $38.16 million, according to information cited from The Triad Business Journal.
The transaction involves two buildings on Millennium Drive within the master-planned industrial park. LBA acquired the property at 4991 Millennium Drive for $21.8 million and the neighboring asset at 4980 Millennium Drive for $16.4 million.
The 4991 Millennium Drive asset is a 200,000-square-foot industrial building situated on a 21.5-acre site. Bunzl Distribution USA Inc. opened a $13.4 million facility there in 2019, using the building as a distribution plant. The facility anchors a sizable industrial footprint within Union Cross Industrial Park and reflects recent investment in modern logistics space in the area.
The second property, located at 4980 Millennium Drive, comprises a 140,000-square-foot industrial building on an 11.17-acre parcel. Southern Carlson, a fastener and hooks manufacturer, leases this facility. The building provides additional industrial inventory within the same park, creating a two-asset cluster under LBA Logistics in the Union Cross subarea.
Westcore previously acquired both Millennium Drive properties from developer Front Street Capital in 2022 for a combined $36.9 million, according to the cited report. The resale to LBA Logistics marks another change of hands for the assets in a relatively short time frame, underscoring ongoing investor interest in modern industrial product near Winston-Salem.
LBA Logistics focuses on the ownership and operation of industrial buildings across the United States, and the Union Cross acquisition adds to its national portfolio. According to the companys website, its only other property in North Carolina is the RiverWest industrial building in Belmont, giving LBA a second foothold in the state through this transaction.
The deal pairs long-term industrial users with a specialist logistics owner, aligning stabilized tenancy with institutional ownership. While detailed lease terms and operating metrics were not disclosed, the presence of established tenants such as Bunzl Distribution USA Inc. and Southern Carlson suggests these facilities are positioned as income-producing industrial assets within the regional logistics network.
