{"id":1004714850,"date":"2024-05-24T04:00:16","date_gmt":"2024-05-24T12:00:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004714850"},"modified":"2024-05-24T05:37:38","modified_gmt":"2024-05-24T13:37:38","slug":"lm-real-estate-pays-97m-for-charlotte-industrial-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lm-real-estate-pays-97m-for-charlotte-industrial-asset\/","title":{"rendered":"LM Real Estate Pays $97M for Charlotte Industrial Asset"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"685\" height=\"514\" data-attachment-id=\"1004714852\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lm-real-estate-pays-97m-for-charlotte-industrial-asset\/1900-continental-blvd\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1900-continental-blvd.jpg\" data-orig-size=\"685,514\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1900 continental blvd\" data-image-description=\"&lt;p&gt;The facility at 1900 Continental Blvd. in Charlotte, N.C.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The almost 1.4 million-square-foot facility features 136 dock-high loading doors, 141 trailer stalls and around 500 car parking spots. Image courtesy of Avison Young&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1900-continental-blvd.jpg?w=685\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1900-continental-blvd.jpg\" alt=\"The facility at 1900 Continental Blvd. in Charlotte, N.C.\" class=\"wp-image-1004714852\" style=\"width:380px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1900-continental-blvd.jpg 685w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1900-continental-blvd.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 685px) 100vw, 685px\" \/><figcaption class=\"wp-element-caption\">The almost 1.4 million-square-foot facility features 136 dock-high loading doors, 141 trailer stalls and around 500 car parking spots. <em>Image courtesy of Avison Young<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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. <\/p>\n\n\n\n<p>A joint venture between Somerset Properties and Waterfall Asset Management sold the property. Avison Young brokered the deal.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-deliveries\/\">Top 5 Metros for Industrial Deliveries<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Other features include 136 dock-high loading doors, 141 trailer stalls and around 500 car parking spots. Cont Tire, Snyder\u2019s-Lance and Deufol are some of the tenants, CommercialEdge shows.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-charlotte-s-industrial-sector-remains-steady\">Charlotte\u2019s industrial sector remains steady<\/h2>\n\n\n\n<p>Charlotte registered $216 million in sales year-to-date through March, according to a <a href=\"https:\/\/www.commercialedge.com\/blog\/national-industrial-report\/\">CommercialEdge industrial report<\/a>. Facilities traded for $74 per square foot, half the $147 national average. Meanwhile, the metro\u2019s vacancy rate during the same period clocked in at 3.6 percent, 160 basis points lower than the national average.<\/p>\n\n\n\n<p>In March, Equus Capital Partners <a href=\"https:\/\/www.commercialsearch.com\/news\/equus-grows-north-carolina-footprint-with-124m-buy\/\">acquired a nine-building portfolio<\/a> totaling more than 1.4 million square feet for $124 million through one of its value-add funds. Investcorp sold the assets.<\/p>\n\n\n\n<p>Other recent deals in the area include <a href=\"https:\/\/www.commercialsearch.com\/news\/diamond-properties-buys-charlotte-area-industrial-asset\/\">Diamond Properties\u2019 expansion in the Charlotte metro<\/a> with the acquisition of BSN Medical Distribution Facility in Conover, N.C. Founders Properties sold the 149,987-square-foot building.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This property previously traded for about $61 million.<\/p>\n","protected":false},"author":3355,"featured_media":1004714852,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21748,21783,21742,32781],"tags":[33022,33625,36213,51067,45077],"class_list":["post-1004714850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-industrial","category-investment","category-latest","category-southeast","tag-avison-young","tag-lm-development-partners","tag-somerset-properties","tag-voya-investment-management","tag-waterfall-asset-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LM Real Estate Pays $97M for Charlotte Industrial Asset - 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