PRP Real Estate Investment Management acquires Corning Hickory industrial facility

CHARLOTTE, May 20, 2025 – JLL Capital Markets announced today the sale of Corning Hickory, a Class A, 265,000-square-foot industrial facility located at 2020 Trivium Ct. in Newton, North Carolina.

JLL represented the seller, Atlanta-based real estate investment firm Stonemont Financial Group, in the deal. PRP Real Estate Investment Management acquired the asset.

The manufacturing facility is fully leased to Corning, Inc., a leading global innovator in optical communications and material sciences. Constructed in 2022 as a build-to-suite for Corning, the property features a 32-foot clear height, ESFR fire suppression, LED lighting, a fully climate-controlled interior, two 4,000-amp switchboards, 83 auto parking spaces and 56 trailer parking spaces. The facility is situated on a 30.42-acre parcel with an additional 83,000 square feet of expansion potential.

Located in Trivium Corporate Center, the property benefits from its position along the I-40 corridor, with access to a skilled labor force. Moreover, Corning Hickory sits less than five miles from the US-321 Inter-Connector, providing direct access to the I-85 super corridor to the south, and less than seven miles from NC-16, offering connectivity to the Charlotte metro area and its economically vital Charlotte Douglas International Airport (CLT).

The JLL Capital Markets team was led by Senior Managing Director Pete Pittroff, Managing Director Jason DeWitt, Senior Director Dave Andrews, Director Michael Scarnato, Associate Zach Lloyd and Analyst Allan Parrott.

“Corning Hickory’s long-term absolute net lease, investment-grade tenancy with Corning, Inc. and significant expansion potential create a compelling investment opportunity,” said Pittroff. “The Charlotte industrial market is thriving, as evidenced by rental rate growth and consistent occupancy. These factors, combined with the property's strategic location and Class A construction, position Corning Hickory as a highly desirable asset in a high-demand market." 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

Stonemont Financial Group specializes in investing across a broad spectrum of real estate asset classes and geographies, specializing in industrial, net lease, and healthcare real estate to deliver attractive risk-adjusted returns. Stonemont offers diversified and differentiated real estate investment strategies and vehicles to institutions, family offices, trusts and high net-worth individuals. With a combined track record of over 60 years of experience and $20 billion invested, Stonemont’s founders and managing principals are committed to delivering attractive risk adjusted returns.

PRP is a real estate investment management company with a focus on mission-critical corporate headquarters facilities leased to investment-grade companies, logistic facilities, high-street retail properties, multifamily apartment communities, data centers and office properties. PRP’s portfolio of corporate headquarters facilities includes the headquarters for Honeywell, Broadcom, Cencora/AmerisourceBergen, Exxon/Pioneer Natural Resources and FedEx Office, and logistic facilities for Amazon, Lowe’s, Techtronics and VW. PRP is also an active multifamily investor, and active in data centers and Special Situation investing. Founded in 2005, PRP executes value add strategies across all sectors and asset manages a national portfolio of assets on behalf of its institutional investor, family office and financial institution investor partners. PRP manages its apartment investments through PRP REM, its property management subsidiary, which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has developed or invested in over 60 assets with a value in excess of $6 billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.