In February, Red Bank’s Denholtz Properties announced it was launching a joint venture to acquire and develop multi-tenant industrial properties with a total value of more than $1 billion.

Now, the firm has made its first acquisition toward that end: a 53,811-square-foot industrial building located at 9201 Forsyth Park Drive in Charlotte, N.C.

“With a strong location in one of the nation’s hottest industrial markets, endless flexibility and a quality tenant base, 9201 Forsyth Park Drive fits the asset type we sought to acquire with the launch of our joint venture earlier this year,” Denholtz Properties President Stephen Cassidy said in a statement. “We are excited to expand our industrial portfolio in the Charlotte market and look forward to adding similar assets in the months to come.”

The one-story building has full air conditioning, heavy power, seven loading docks, four grade-level rollup doors and 18-foot clear ceilings. Denholtz said it is occupied by three tenants across a mix of industries.

The addition is situated in Charlotte’s largest industrial submarket, with access to major transportation arteries including state Route Westinghouse Boulevard and Interstates 77, 485 and 85, the last of which connects the Southeast from Charlotte to Atlanta and Raleigh-Durham. According to Denholtz, the population of the Charlotte metropolitan area has grown by more than 50% since 2000 and is projected to increase by another 4% over the next three years.

The Forsyth Park Drive property is the third from North Carolina in the firm’s overall portfolio.