Barrday Leases 88,000 SF at Charlotte, N.C., Mixed-Use Property

Commercial Real Estate Direct
By Orest Mandzy
February 29, 2024

Barrday Inc., a maker of material used in protective and other gear, has leased 88,000 square feet at the Innovation Park mixed-use complex in Charlotte, N.C.

The Cambridge, Ontario, company’s lease has a five-year initial term, but can be extended by up to three additional five-year terms. It will house its manufacturing and administrative func-tions tied to its BarrMax products.

CBRE negotiated the lease on behalf of the tenant.

Innovation Park is a 12-building complex with 1.8 million sf that was purchased in 2019 by a venture led by Accesso Partners of Hallandale Beach, Fla., for $270 million.

The venture funded its purchase with a $182 million mortgage that’s securitized through Benchmark Mortgage Trust, 2019-B15, which holds a $67.25 million piece; BMARK 2019-B14, with a $60 million piece; and JPMDB Commercial Mortgage Securities Trust, 2019-COR6, which olds the remaining $50 million piece. The loan requires only interest payments through its No-vember 2029 maturity and pays a coupon of 3.505 percent.

Innovation Park last September was 65 percent occupied and had generated an annualized $15.41 million of net cash flow, according to servicer data compiled by Trepp Inc. It had gener-ated $19.59 million of cash flow in 2022. Roughly 25 percent of its space is industrial, with the remainder being office.