Insight

Kumo Capital Acquires Multi-Tenant Flex Property in Charlotte, North Carolina

May 1, 2024
Michael Kuritnik

Kumo Capital has strategically entered the quickly growing Charlotte, NC industrial market through its acquisition of Montana Drive Business Park. Montana Drive is a strong performing asset which was acquired at a favorable basis. The business plan for Montana drive is a simple yet effective investment thesis.

The property comprises roughly 39,000SF on a 3.9-acre lot in Charlotte. Its units are extremely versatile small-bay flex spaces ranging between 695-1250SF with high clear heights from 18 to 24 feet. More than 80% of the units have drive-up doors, allowing for a multitude of uses.

The gameplan is to revitalize the property’s landscaping, signage, and facade to draw from the diverse pool of local tenants. As is, average rent is approximately $11.39/SF, with similar units in the area leasing for between $18-$22/SF. A large number of leases at this property expire by mid-2026. With the improvements Kumo intends to make, the Company is confident it can dig into the immense value available here.

In addition to its confidence in the asset, Kumo is confident in Charlotte. The city has seen population growth of approximately 20% since 2010 and home price increases of approximately 28% since 2020. The property is less than 5 miles from downtown Charlotte, and less than 10 miles from the airport along with multiple major interstates.

Kumo is excited to begin management at this center and continue to expand its portfolio in Charlotte.

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