LRC Properties Acquires Charlotte Industrial Complex For $52.1 Million
- Feb 13, 2015
Rye Brook, N.Y.–A joint venture between LRC Properties L.L.C. and New York Life Real Estate Investors has purchased Logistics Pointe Distribution Center for $52.1 million. The complex is currently 87% percent occupied, with tenants including West Brown Logistics, Otto Environmental Systems, Albert’s Organics, Provide-Commerce, and Pro Flowers. Darren Hirsch, managing director of LRC Properties and head of its Carolinas office, will help oversee Logistics Point.
Located in Charlotte’s Southpark submarket, Logistics Pointe Distribution Center, formerly Winn-Dixie, is one of the largest complexes of its kind in North Carolina with both freezer and refrigeration space. Situated on 66 acres, the asset is a five-building, 1.1 million-square-foot complex featuring a high quality warehouse and distribution in a campus setting. LRC will begin work soon on a modernization plan for the complex, including updating the roofs, mechanical systems and select cosmetic improvements
With the completion of this deal, LRC Properties and New York Life Real Estate Investors are now the third largest industrial owner in Charlotte with approximately 2.958 million square feet of industrial space.