LBA Logistics Acquires 340,000-SF Union Cross Industrial Portfolio in Winston-Salem From Westcore
LBA Logistics has acquired the Union Cross Industrial Portfolio, a pair of fully leased Class A logistics facilities totaling 340,000 square feet in Winston-Salem, North Carolina, JLL Capital Markets announced Aug. 5, 2026. JLL represented the seller, Westcore, in the transaction.
Portfolio Overview: Two Modern Distribution Facilities in Southeast Forsyth County
The Union Cross Industrial Portfolio comprises two single-tenant, concrete tilt-wall buildings located at 4980 and 4991 Millennium Drive in the Southeast Forsyth County submarket. The facilities were built in 2018 and 2019, respectively, and each totals approximately 170,000 square feet. The portfolio is 100% leased to two tenants serving the packaging, distribution and logistics sectors.
Both buildings feature 32-foot clear heights, 56 dock-high doors, two drive-in doors, Early Suppression Fast Response sprinkler systems, and energy-efficient LED lighting with motion sensors. The properties also offer abundant auto and trailer parking designed to support large-scale distribution operations.
The combination of late-2010s vintage construction, ESFR sprinkler systems, 32-foot clear heights and full occupancy positions the portfolio in the core-plus to core range for institutional industrial buyers.
Strategic Location and Logistics Connectivity
The portfolio sits less than three miles from Interstate 40 and benefits from access to a broader regional interstate network that includes Interstate 73, Interstate 85, Interstate 285 and U.S. Highway 421. The properties are also proximate to Piedmont Triad International Airport, home to the FedEx Express Mid-Atlantic Air Hub, providing tenants with direct air cargo access.
The location places operations within a day's drive of 60% of the U.S. population, a logistics advantage frequently cited for the Piedmont Triad region. The future Interstate 74 corridor, currently under construction, is expected to further strengthen east-west and north-south connectivity through the area, adding a forward-looking infrastructure catalyst to the portfolio's existing access profile.
The Southeast Forsyth County submarket, centered on the Union Cross area at the crossroads of Winston-Salem and Kernersville, has emerged as a logistics cluster that offers tenants a cost-effective alternative to Charlotte and Raleigh-Durham while maintaining strong interstate access and air cargo capability.
JLL Team and Transaction Details
The JLL Capital Markets team advising Westcore was led by Senior Managing Director Pete Pittroff, Senior Director Dave Andrews, Director Michael Scarnato and Associate Allan Parrott. The sale price was not disclosed.
About the Firms
Westcore, founded in 2000 and headquartered in San Diego, is a fully integrated industrial real estate investment company. Since its founding, the firm has acquired, managed and sold more than $10 billion in assets comprising more than 1,000 buildings and over 100 million square feet. Westcore maintains regional offices in Los Angeles, Oakland and Dallas.
LBA Logistics, the industrial operating arm of LBA Realty, is headquartered in Irvine, California, and operates a portfolio of industrial properties totaling approximately 106 million square feet across more than 400 properties. The privately held company was founded in 1991 and invests through closed-end real estate investment funds and joint venture partnerships on behalf of institutional investors including pension funds, endowments, foundations and foreign investors. LBA expanded to Europe in 2023 and is actively growing its U.K. logistics and industrial investment team and portfolio.
JLL's Capital Markets group operates with more than 3,000 specialists worldwide across offices in nearly 50 countries, providing investment sales and advisory, debt advisory, mergers and acquisitions, corporate finance, loan sales, equity and fund placement, net lease, derivative advisory and energy and infrastructure advisory services. JLL reported annual revenue of $26.1 billion and employs more than 112,000 people across operations in over 80 countries as of June 30, 2026.
Market Context: Industrial Investment in the Piedmont Triad
The transaction reflects continued institutional appetite for modern, fully leased logistics assets in growth markets across the Sun Belt. Industrial and logistics properties have led commercial real estate investment volumes as investors target sectors with durable cash-flow profiles amid stabilizing debt markets.
The Triad's industrial vacancy has trended in the mid-single digits, supported by pandemic-era logistics expansion and manufacturing commitments that absorbed both new and existing supply. The submarket's development pipeline has been more measured than those in Charlotte and Raleigh-Durham, a dynamic that has supported occupancy stability and rent growth in the region. Winston-Salem industrial assets have generally priced below the state's larger metros but with only a modest discount in cap rates, a spread that has attracted institutional buyers seeking yield relative to coastal markets.
For LBA Logistics, the acquisition adds two fully stabilized, modern-vintage assets in a submarket positioned to benefit from ongoing infrastructure investment, including the I-74 corridor build-out, while providing current income from two established tenants.