Industrial Building Near CLT has New Owner

A recently completed industrial project near Charlotte Douglas International Airport has found a new owner.

An entity affiliated with Collett Industrial sold Airport 85 Business Center, a 154,920-square-foot industrial building, to Ares Management Corp. last month, according to Mecklenburg County real estate records. Ares paid $20.3 million — just over $131 per square foot — for the asset. Collett Industrial announced Airport 85 Business Center last year as its first speculative project in Charlotte. The building is at 4250 Business Center Drive, just off Exit 32 of Interstate 85.

Collett Industrial's North Carolina portfolio includes projects in Greensboro and Mills River, according to its website. The entity also has projects in South Carolina and Missouri. Collett Industrial is a subsidiary of Charlotte-based Collett.

Ares Management Corp. is an investment manager with offices globally. It acquired Black Creek Group, which had a presence in the Charlotte industrial market, last year.