Ferncroft Capital Pays $95.6M for Home Depot Warehouse in Charlotte

At $237.22 per square foot, the $95.6 million sale of the Home Depot-leased distribution center at 13005 Sam Neely Road is one of Charlotte's largest recent industrial transactions, and it closed at the end of March without touching a single shift schedule inside the building.

Ferncroft Capital, a Charlotte-based investment firm co-founded in 2007 by John Hollmeyer, purchased the 403,000-square-foot, rail-served facility from The Keith Corp., the Charlotte developer that assembled roughly 77 acres in the Steele Creek submarket starting in 2021 and built out what became Westinghouse Logistics Park. JLL represented The Keith Corp. in the deal. Home Depot was secured as the anchor tenant during development and remains the sole occupant under a lease that carries forward unchanged under the new landlord.

The facility was delivered in 2022 as part of Home Depot's broader push to extend same-day and next-day fulfillment reach across the Southeast. Its rail connection, an increasingly scarce feature in modern industrial development, gives the site a logistical advantage that made it attractive to institutional investors and, ultimately, to Ferncroft's portfolio strategy. The firm acquires and operates office, retail and industrial income-producing properties across the Southeast, favoring assets with creditworthy national tenants that generate consistent cash flow.

For distribution associates working inside the Sam Neely Road facility, the ownership change sits above the operational layer. Picking, packing, last-mile staging and inbound receiving continue under Home Depot's direction. What has changed is who holds the deed, not who runs the floor. Home Depot continues to post open roles tied to the Sam Neely Road address on its careers platform, a sign the facility remains in active hiring mode.

That said, ownership transitions do shift some administrative realities. The property management contact for building-level services, exterior maintenance vendors and capital improvement scheduling will now route through Ferncroft rather than The Keith Corp. Store and DC managers in the Charlotte region should verify that local leadership has updated contacts for the new property owner's management team. Any future tenant improvement work, if Home Depot and Ferncroft negotiate upgrades or expansion at the site, would bring contractors onto the truck court and receiving areas, creating temporary staging adjustments worth planning around.

The $95.6 million price reflects the durability of credit-tenant industrial assets even as parts of the Charlotte market work through elevated warehouse vacancy from a recent construction surge. A fully leased, rail-served building with a national retailer as the sole tenant is exactly the kind of defensive asset that commands a premium when the broader market turns choppy. For Steele Creek, the deal confirms the submarket's standing as a serious regional distribution corridor, not a speculative bet.