CHARLOTTE OBSERVER
The multitenant distribution center created from Winn-Dixie Stores’ former complex in southwest Charlotte has landed a major tenant that will push occupancy there to more than 75 percent.
Precision Framing Systems has signed a lease on 226,642 square feet in the 1.1 million square-foot facility, now known as Logistics Pointe Distribution Center.
Precision, a subsidiary of Taylor, Mich.-based Masco Corp., makes floor decks, wall panels and roof trusses for the home-building industry.
The company worked with the Charlotte Chamber on opening the facility here, but officials in Michigan couldn’t be reached Wednesday for details about the operation.
Masco’s Builder Services Group Inc. acquired Precision for $2.5 million from Neumann Homes Inc. in February, about five months after Precision and Neumann filed for Chapter 11 reorganization.
Masco, which manufactures, distributes and installs home improvement and building products, posts annual sales of more than $11 billion and employs about 52,000 people worldwide.
Dallas-based Westmount Realty Capital purchased the old Winn-Dixie center and its 66.3 acres at 2401 Nevada Blvd. with Yucaipa Cos. in 2006 for $24.5 million and renovated it to accommodate multiple tenants.
The Precision lease comes at a time when demand for industrial real estate is slowing and analysts fear that the vacancy rate will exceed the mid-year level of 12.6 percent.
Steve Kanoff, a Westmount executive vice president and partner, called the Precision lease “a milestone for the city and Logistics Pointe.”
Westmount said 113,461 square feet of warehouse space and 191,239 square feet of freezer/cooler space remains available for lease in the complex.
Lane Holbert of Colliers Pinkard’s Charlotte office represented Westmount in lease negotiations with Precision.
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