Founders Properties Acquires North Carolina Industrial Property

Dec 1, 2022

Founders Properties is pleased to announce the acquisition of Pendleton Industrial through our joint venture with Federated Insurance.

This institutional quality building is located in High Point, North Carolina. It is a fully leased modern, multi-tenant industrial property totaling 324,650 square feet situated on a 24-acre site. Over the last year, a number of significant capital improvements were made to asset including a full roof replacement.

Pendleton Industrial is located in the Piedmont Triad region, a strong southeastern growth market that acts as the mid-Atlantic business hub between Charlotte and Raleigh. The High Point/SW Guildord County submarket, where the property is located, has experienced consistent rent growth, as a result of limited supply and strong demand. Since Q1 2021, rents have risen by an average of 27%.

“Founders Properties looks for strategic investment opportunities in growth markets with strong tenant demand,” said Chris Courneya, Vice President of Acquisitions at Founders Properties. “The industrial sector continues to outperform the overall US market and high-quality properties like Pendleton Industrial are well-positioned to deliver long-term value.”