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County and appraiser clash over 89% jump in assessed value for 600 Radiator Road warehouse site
Summary
An audit by DMA on behalf of Selwyn Property Group disputed an 89% revaluation increase for a 332,000-square-foot industrial parcel at 600 Radiator Road. The county counters that market leasing and a 2021 MAI appraisal justify the higher figure; the board voted to sustain the county's $16.23 million assessment.
The Union County Board of Equalization and Review heard competing valuations Friday for a 63-acre industrial site at 600 Radiator Road, where the county's 2025 revaluation nearly doubled the total assessed value and the property owner's consultant presented a lower market estimate.
What happened: Gabriel (Gabe) Gray of DMA appeared for Selwyn Property Group and told the board the county's new total — roughly $16.2 million, an 89% increase over 2024 — overstated current market value for the two warehouses on the parcel. DMA's sales-comparison analysis, focused on Charlotte-metro industrial sales adjusted for age, ceiling heights and size, produced an indicated combined market value just under $12 million.
Why it matters: Large percentage changes on major industrial parcels affect local tax revenues and owner cash-flow for industrial landlords and users. Selwyn's consultant argued the subject buildings are older, with lower ceiling heights and functional obsolescence relative to modern distribution warehouses, and said those factors materially reduce dollar-per-square-foot indicators.
County response: County appraiser Joe Hunter told the board the county's assessment method reflected activity since the 2021 appraisal. He said a 2021 MAI appraisal prepared for a lender had indicated a significantly lower figure while the large building was then vacant, but subsequent leasing activity materially changed marketability: a large tenant (Corson) later leased nearly the entire 227,000-square-foot building, and upgrades occurred in the smaller building, including roughly $1 million in permitted improvements. Hunter said his own sales analysis (10 comps of similar size/age across the region) supported the county's assessment and that a median sale price per square foot in his comparable set was roughly $57 psf; the county's current assessment equates to about $48.59 psf across the site.
Board action: After questioning both sides and reviewing the MAI appraisal and county sales set, the board voted to sustain the county's assessed value of $16,233,200 for parcel 7087007.
Ending: The case underscores the tension in industrial markets between older, lower-clearance buildings and newer distribution-grade product; improvements and tenancy can rapidly change market value for large industrial assets, and the board relied on leasing and sales evidence in ruling in favor of the county appraiser.
