1.1 Million SF Charlotte Industrial Property Sold


sold_sign_postcardDallas-based Westmount Realty Capital has announced  the sale of Logistics Pointe/Charlotte located at 2401 Nevada Blvd. and 12520 General Drive in Charlotte. The buyer was a joint venture partnership between LRC Opportunity Fund and New York Life Real Estate Investors. Logistics Pointe is a 1.1 million square foot industrial/distribution complex of five buildings that sits on 66.3 acres within close proximity to major traffic arteries of I-77, I-485, I-85 and the Charlotte/Douglas International Airport.

Westmount Realty Capital originally purchased the property in June 2006 from the lender, a year after Winn-Dixie filed for Chapter 11 bankruptcy protection and closed its southeastern U.S. distribution center as well as about 40 of its Charlotte-area supermarkets. The facilities, some dating back to as early as 1973 and which had been vacant since February 2005, include a freezer building of 209,316 square feet, 191,239 square feet of refrigerated space, a truck maintenance facility, a 30,000 square foot office building, and approximately 650,000 square feet of rail-served dry warehouse/distribution space.

Upon acquisition, Westmount rebranded the then vacant property as “Logistics Pointe” and converted the facility from a single-tenant property to a multitenant use. Through remarketing and rebranding, Westmount was able to raise the facility’s occupancy from zero to over 90 percent leased at closing. Among the major tenants are Americold, West Logistics, Otto Environmental Systems, United Natural Foods (Albert’s Organics) and Provide Commerce (Pro Flowers, Shari’s Berries).

Westmount was represented in the transaction by Cushman & Wakefield|Thalhimer’s Capital Markets team consisting of Chris Norvell, SIOR, Bill Simerville, and Scot Humphrey, as well as industrial specialists from Thalhimer’s Charlotte office, Lane Holbert, CCIM, SIOR and Eric Ridlehoover.

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