Charlotte firms Alta Peak, Cedar Square acquire industrial asset near airport
Two local real estate investment firms plan to modernize an industrial property they recently acquired near Charlotte Douglas International Airport. Alta Peak Capital and Cedar Square acquired Pressley Park, spanning 9 acres and 120,492 square feet, for $12.7 million, Mecklenburg County records show. The deed for the transaction was filed May 19. Each firm owns 50% of the property, said Harris Ralston, managing partner at Alta Peak.
A New York-based limited partnership called Exit 14 Associates was the seller. It had acquired the property in 1993 for $2.1 million. The property is at 635, 645, 655 Pressley Road and has three industrial buildings designed to accommodate a range of users. It offers quick access to the airport and interstates 77, 85 and 485. It is 97% occupied.
The new ownership group has immediate plans for a multimillion-dollar investment to modernize the property, which was originally developed in 1973.
The repositioning effort will include façade improvements, new roofing, truck court resurfacing, upgraded landscaping and signage, and interior upgrades for tenant suites.
“Pressley Park is an opportunity that we have been working on for some time,” Ralston said. “There is tremendous demand from users for flex and shallow bay space, particularly in an infill location like Pressley Road. We believe our value-add business plan will position the park to attract and retain high-quality tenants who value its functionality, location and access.”
The deal represents Alta Peak Capital's third acquisition since the firm's founding in 2025, bringing its portfolio to approximately $50 million in assets under management. Among its holdings is Salt + Vinegar, a 73,343-square-foot development at 2001 W. Morehead St. in Ashley Park.
Alta Peak Capital and Cedar Square are actively seeking more acquisitions.
Chris Loyd and Tom Tropeano of Avison Young represented the buyer in the Pressley Park transaction, with the seller representing itself. The deal took place off market.
Tropeano, Ryan Kendall and Jewell Gentry of Avison Young are being retained as leasing agents for the property. Providence Group will serve as the property manager.