Elevation Real Estate Group And Auerbach Funds Close Land Purchase In Kannapolis Market

KANNAPOLIS, N.C., Nov. 13, 2018 /PRNewswire/ -- Capitalizing on a period of sustained economic growth in the Charlotte area – and continued residential and commercial growth along Kannapolis Parkway – Elevation Real Estate Group along with Auerbach Funds has completed the acquisition of the final 8 acres of land in Kannapolis Gateway Business Center in Kannapolis, NC.

Located on the heavily traveled intersection of N.C. Highway 73 and Kannapolis Parkway; the site enjoys high visibility and easy access to Interstate 85 which makes it prime for growth. The site is located directly across from the newly constructed $85 million Amazon distribution center, which contains over one million square feet and opened earlier this year.

Kannapolis Gateway Business Center, originally started in 2002, is an 85 acre class A business park anchored by Novant Heath Logistics Center & Stewart Hass Race Team. The center also includes offices for State Farm, Keller Williams Realty, Edward Jones and PSNC Energy along with restaurants including Subway and Pizza Hut.

Peter Auerbach, CEO of Auerbach Funds said the following: "Our relationship with Elevation, combined with our belief in the market and the deal basis created what we believed to be a strong opportunity for our investors."

Chris La Mack, President of Elevation Real Estate Group says "The property provides a unique opportunity to acquire land in the rapidly growing Kannapolis submarket to bring additional commercial businesses and services to the community.  We are excited to work with the City of Kannapolis and our partners in this exciting project."

ABOUT ELEVATION REAL ESTATE GROUP

Headquartered in Charlotte, NC, Elevation Real Estate Group, LLC is a full-service real estate company specializing in development, acquisition, leasing and management of commercial properties, with a focus on value-add retail, shopping center development, and hotel assets primarily throughout the Southeast. The team has been involved in the acquisition, development and re-positioning of more than $2 billion of commercial real estate. 

ABOUT AUERBACH FUNDS

Auerbach Funds is a privately held real estate investment firm that manages closed-end fully discretionary Fund vehicles.  Auerbach Funds partners with reliable and experienced operating partners throughout the United States to invest in distressed, deep value-add investments in both primary and secondary markets throughout the United States in the retail, industrial, office, multi-family, medical office and manufacturing asset classes. The group currently controls assets with value in excess of $200mm and over 2mm square feet.

Media Contact: Diana Davidson, (646) 992-4670, [email protected]

SOURCE Auerbach Funds

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