LRC Properties Acquires SC Mixed-Use Campus
- Nov 21, 2017
LRC Properties acquired Leeds Park, a 1,056,000-square-foot mixed-use campus located in Charleston, S.C. The deal closed at $42 million and was arranged by a team of brokers from NAI Charleston. Amherst Capital Management provided the loan for the purchase and future renovations of the asset.
“The property is geographically well situated in North Charleston off Interstate 526, near the port, the airport, and Boeing’s manufacturing facility, offering great potential for tenants. We plan to bring Leeds Park up to and even exceeding standards deserving of this important market and its tenants,” said Howard Lavitt, principal & co-founder of LRC Properties, in prepared remarks.
The buyer plans to invest approximately $15 million in improvements, which will add a new façade on one part of the building, a collaborative space, conference rooms, a conference center, a gym, a business center, a new entrance, signage and landscaping. Approximately 50,000 square feet of office space is also slated to be upgraded to Class A standards.
Located at 4500 Leeds Ave., Leeds Park offers a mix of office, manufacturing and flex space spread out on approximately 72 acres and more than 1,200 parking spaces. It is approximately 75 percent leased to a variety of tenants including MAHLE Group, American Axle & Manufacturing, Cummins, the Charleston Chamber of Commerce and Limestone College.
The deal, arranged by NAI’s brokers Dexter Rumsey and Shep Benjamin with Andie Edmonds as relationship advisor with LRC, brings LRC’s East Coast commercial portfolio up to 7.5 million square feet of space.
Image courtesy of NAI Charleston