CHARLOTTE – Dallas-based Westmount Realty Capital has announced the sale of Logistics Pointe/Charlotte about 2 miles southwest of the Interstate 485 and I-77 intersection in southwest Charlotte.
LRC Opportunity Fund and New York Life Real Estate Investors bought the property in a joint venture partnership. The price was not disclosed.
The 1.1 million-square-foot industrial complex includes five buildings on 66.3 acres, and the facilities include a freezer building, a refrigerated space, a truck maintenance facility, a 30,000-square-foot office building and about 650,000 square feet of rail-served warehouse space. The buildings are at 2401 Nevada Blvd. and 12520 General Drive.
“As challenging as it was to lease space in the wake of the economic downturn, we are very pleased with the turnaround we have made with this property, bringing it up to a high-quality, well-maintained institutional-grade complex with strong credit tendency and stable in-place cash flow,” said executive vice president and partner at Westmount Steve Kanoff in a statement.
The complex was vacant when Westmount bought it in 2006, and was more than 90 percent leased at the closing of the sale. Major tenants at the complex are Americold, West Logistics, Otto Environmental Systems, United Natural Foods and Provide Commerce.
Cushman & Wakefield|Thalhimer’s Capital Markets team represented Westmount in the transaction, including Chris Norvell, Bill Simerville, Scot Humphrey, Lane Holbert, and Eric Ridlehoover.