LM Real Estate Pays $97M for Charlotte Industrial Asset
LM Real Estate Partners has acquired 1900 Continental Blvd., an almost 1.4 million-square-foot industrial facility in Charlotte, N.C., for $97 million. The firm financed the purchase with a $67 million loan originated by Voya Investment Management, public records show.
A joint venture between Somerset Properties and Waterfall Asset Management sold the property. Avison Young brokered the deal.
The property previously changed hands in December 2019, when the joint venture purchased it for $60.8 million, or $44.48 per square foot, according to CommercialEdge information.
READ ALSO: Top 5 Metros for Industrial Deliveries
Completed in 1966, the building served as a manufacturing facility for Continental Tire. The asset went through a complete transformation and modernization and is now a distribution facility with 24-foot clear heights.
Other features include 136 dock-high loading doors, 141 trailer stalls and around 500 car parking spots. Cont Tire, Snyder’s-Lance and Deufol are some of the tenants, CommercialEdge shows.
The 69-acre property provides easy access to interstates 77 and 485, while Charlotte Douglas International Airport is some 12 miles away. Downtown Charlotte is within 12 miles northeast.
The Avison Young Investment Sales and Advisory team that brokered the deal was led by Managing Director Chris Skibinski, alongside Principals Chris Loyd and Erik Foster.
Charlotte’s industrial sector remains steady
Charlotte registered $216 million in sales year-to-date through March, according to a CommercialEdge industrial report. Facilities traded for $74 per square foot, half the $147 national average. Meanwhile, the metro’s vacancy rate during the same period clocked in at 3.6 percent, 160 basis points lower than the national average.
In March, Equus Capital Partners acquired a nine-building portfolio totaling more than 1.4 million square feet for $124 million through one of its value-add funds. Investcorp sold the assets.
Other recent deals in the area include Diamond Properties’ expansion in the Charlotte metro with the acquisition of BSN Medical Distribution Facility in Conover, N.C. Founders Properties sold the 149,987-square-foot building.
The post LM Real Estate Pays $97M for Charlotte Industrial Asset appeared first on Commercial Property Executive.
