The Pepsi Bottling Ventures LLC campus in Winston-Salem has been sold for nearly $35 million to a Los Angeles asset-management group, according to a Forsyth County Register of Deeds filing Monday.
The logistics center is located at 390 Business Park Drive in Union Cross Business Park.
The buyer is a Chicago-based affiliate of Griffin Capital Real Estate Co. of El Segundo, Calif., while the seller is an affiliate of Tratt Properties LLC of Phoenix.
The complex consists of 51.5 acres and a 526,320-square-foot building, according to the county's tax-parcel viewer.
Griffin Capital says it is an "alternative investment asset manager." It has owned, managed, sponsored or co-sponsored investment programs representing more than $17 billion in assets.
The firm’s investment strategies include: diversified core real estate and global corporate credit securities; direct real estate ownership in sector-specific portfolios focused on leasing office and industrial assets; and multifamily real estate.
Pepsi Bottling committed to the building in July 2012, saying it would spend at least $81.7 million on new equipment and property over seven years.
The company said at that time that it planned to either buy the property or lease it for at least 10 years. The company said it also chose the site because there is adjacent land for further expansion.
Although the company said it would retain its local workforce of 307 with the 2012 expansion, it did not say how many new jobs would be created. In a legal notice filed by the Forsyth Board of Commissioners, the company said it would add at least 198 jobs.
In return, the company has been made eligible for nearly $1.74 million in local incentives — $1 million from the city of Winston-Salem and $737,582 from the county.
The legal notice said the average annual wage for the new full-time and full-time-equivalent jobs would be $32,555 plus benefits.