CREEDMOOR — Flag Industrial has acquired the fully leased Creedmoor Business Park for more than $20 million, placing new institutional capital into an income-producing industrial property in Granville County.
The completed September transaction gives the New York buyer two buildings occupied by six tenants under eight triple-net leases, according to Bryant Capital Advisors, which advised on the sale.
For the local market, the consequence is immediate: the buyer gains day-one lease income from an occupied manufacturing and distribution complex rather than betting on a proposed project. Bryant said the park was 100% occupied at closing and anchored by AISIN, a Toyota subsidiary, and General Electric.
Triangle Business Journal independently identified Flag Industrial as the buyer and reported that the price exceeded $20 million. Bryant described the buyer as New York institutional capital but did not disclose the price in its public case study.
The two sources report different measurements for the park. Bryant describes it as 335,000 square feet, while Triangle Business Journal reports 284,000 square feet. NC Business Desk could not reconcile the difference and is not treating either figure as definitive.
The adviser said the park’s leases include contractual rent increases of at least 3%, with expirations staggered through 2033. It also said in-place rents were below prevailing market levels, creating potential income growth as leases reset.
Bryant characterized the surrounding industrial submarket as supply-constrained, with vacancy below 5% and no new construction within five miles. Those market figures come from the transaction adviser and were not independently reproduced by NC Business Desk.
Image: File photograph of downtown Creedmoor, visibly labeled as not depicting Creedmoor Business Park. Indy beetle/Wikimedia Commons, CC BY-SA 4.0.