JER sells North Carolina complex

Vacancy rate high at closing

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A limited liability company recently paid $60.3 million for a five-building industrial complex in Clayton, N.C. Crown West Realty LLC purchased The Clayton Industrial Park from JER Partners. The property comprises 1.2 million square feet. At the time of purchase, four of the five buildings were vacant and the property maintained a 29 percent occupancy rate. JER originally purchased the asset in January 2006 during the foreclosure process, according to Alex Gilbert, a principal at JER. The complex was 29 percent occupied at that time. ...