SkyREM Renewal with Fedex and Sale of Fern Forest Apartments

SkyREM has announced the success of two new projects over the past quarter: a sale of Fern Forest Apartments in Charlotte, NC and a lease renewal with FedEx in Fayetteville, NC.

Last MultiFamily Asset in Portfolio

SkyREM sells Fern Forest Apartments, a 184-unit apartment community located in Gastonia (Charlotte), North Carolina.

Purchased in 2015 by the company, capital improvement projects were implemented to notably increase the property value. Managing Director at SkyREM, Marc Civitillo, stated that the company “believed it was the opportune time to exit this property due to strong market characteristics and demand for smaller multi-family properties.”

Additionally Civitillo discussed how the sale of Fern Forest “allows us to concentrate on our business of investing in larger mission critical assets throughout the United States.”

Representing SkyREM on the sale of Fern Forest Apartments was Ben Bury and Ryan Gavigan of JLL’s MultiFamily Capital Markets team in Charlotte.

SkyREM Renews FedEx at 880 Technology Drive

Owner of 880 Technology Drive, Sky 880, announced the renewal of the lease with FedEx at its 183,000 square foot industrial property in Fayetteville, North Carolina. The property is 100% leased to FedEx Ground Package System, Inc. and another credit tenant.

Founder of SkyREM, Alex Dembitzer, announced the company is “thrilled to work with a tenant such as FedEx that offers great economic growth to the greater Fayetteville region of North Carolina.”

Initially built in 1997, substantial renovations were completed in 2020. The cross-docked property features 25’ clear heights, concrete tilt-up construction, and quality features including an ESFR sprinkler system, premium dock packages, and full concrete truck courts.

Dembitzer states, “We value the continuing and growing working relationship with the Tenant and look forward to maintaining a very successful working relationship.”