Charleston-based developer Stono Group has slipped into the Charlotte market with a quiet but telling move: a $6.8 million buy of a Matthews industrial complex. The firm acquired the three-building site at 3603–3619 Gribble Road, according to public listings and commercial records. It is Stono's first known acquisition in the Charlotte area and signals that a regional industrial investor is now staking a claim in the fast-moving Southeast distribution corridor.
As reported by the Charlotte Business Journal, the buyer has framed the deal as part of a broader strategy to make additional acquisitions across the Charlotte metro. The outlet identified Stono Group as the purchaser and confirmed the $6.8 million sale price.
Property and deal details
Commercial listings and parcel records show the Gribble Road site contains roughly 14,740 square feet of warehouse space spread across multiple bays and sits on about 4 to 5 acres under parcel APN 07-129-564-B. Offering materials and site maps for the property are available on Crexi.
Stono’s regional strategy
Stono Group describes itself as a Charleston-based industrial investor targeting markets across the Southeast, and it lists the Charlotte metropolitan area among its preferred markets on its website. Stono Group also markets a "Stono Suites" small-bay product aimed at light industrial and local-distribution tenants, a playbook the firm has already used in recent South Carolina deals.
The company’s activity in the Upstate, including an Easley warehouse purchase reported earlier this year, highlights a pattern of regional expansion, according to the Upstate Business Journal.
Charlotte market backdrop
Industry data show Charlotte's industrial market came into 2026 with vacancy nudging above 10 percent, even as demand for modern bulk assets remained solid. It is a tricky mix for both buyers and sellers, with some slack in the market but plenty of interest in well-located product. Lee & Associates puts vacancy around 10.16 percent and notes that rent growth has moderated while investors still chase quality industrial assets.
What comes next
For Matthews, having a new owner that focuses on small-bay industrial space could translate into targeted upgrades and fresh marketing pitched to local manufacturers, contractors and distribution users. Stono's stated appetite for more Charlotte-area acquisitions suggests similar deals could follow in the region, although specific plans for the Gribble Road property have not been publicly detailed.
