Ferncroft Capital has scooped up a Home Depot distribution center in Charlotte’s Steele Creek neighborhood for $95.6 million, locking a major rail-served logistics prize into local hands. The roughly 403,000-square-foot building sits inside Westinghouse Logistics Park, which was developed by The Keith Corp. after it bought the land in 2021. The deal highlights how investors are still hungry for well-located industrial space even as the broader market works through a surge of new warehouses. For Steele Creek, it is another sign the area is settling into its role as a key last-mile and regional distribution hub.
Sale Details And Where It Lands
Ferncroft Capital paid $95.6 million for the Home Depot-leased facility at 13005 Sam Neely Road, according to Charlotte Business Journal. The outlet reports the building totals about 403,000 square feet, is rail-served, and sits inside the Westinghouse Logistics Park. The purchase was recorded on March 31, 2026, and ranks among the larger single-building industrial trades in the Charlotte region so far this year.
Who Ferncroft Is
Ferncroft Capital is a Charlotte-based investment firm that acquires and operates office, retail, and industrial properties across the Southeast, per Ferncroft Capital. The company favors infill and urban-adjacent real estate that can throw off consistent cash flow, so a leased, rail-served distribution center fits neatly into its approach. Having local ownership step into a deal of this size also reads as a vote of confidence in Charlotte’s logistics corridor during a choppy part of the real estate cycle.
Built By The Keith Corp.
The Keith Corp. assembled roughly 77 acres starting in 2021 and went on to develop the Westinghouse Logistics Park project there, Charlotte Business Journal reported. The firm marketed the site to large users and secured Home Depot as the anchor tenant, tying into the retailer’s broader move to expand same-day and next-day delivery options in the Southeast. For many local developers that built during the recent industrial boom, selling stabilized, single-tenant warehouses like this has become a standard exit strategy.
Why Investors Still Want Industrial
Charlotte’s industrial development pipeline has swelled, which is pushing vacancies higher in the short term but also creating a deep inventory of modern space that institutional buyers like, according to market reports. Lee & Associates’ Q3 2025 industrial overview cites a combination of rising deliveries and elevated availability alongside steady demand from e-commerce users and regional distributors. That mix can open the door to attractive pricing for select properties. A fully leased, rail-served facility with a national tenant such as Home Depot offers predictable income and a defensive profile in that environment.
Operations And Local Impact
Home Depot lists roles associated with its Charlotte distribution operation at the Sam Neely Road address on its careers platform, according to Home Depot. Earlier reporting during the permitting phase from WSOC-TV highlighted the 403,000-square-foot, rail-served design and connected the project directly to Home Depot’s push for more same-day and next-day service. The center is expected to support hundreds of logistics jobs and increase truck traffic along the Steele Creek industrial corridor.
The $95.6 million trade is the latest signal that investors are still circling modern industrial assets in and around Charlotte while the leasing market resets. Developers and owners across the region will be watching how demand for last-mile distribution space evolves as additional projects hit the market.
