Thursday, January 22, 2015

Industrial building sold in SW Charlotte for $52 million

A major distribution center in southwest Charlotte has sold for just over $52 million, according to the seller and real estate records.

The 1.1-million square-foot Logistics Pointe facility had been vacant when Westmount Realty Capital purchased it in 2006. Winn-Dixie had used the buildings as a distribution center for its supermarkets before declaring bankruptcy. The facility sits on 66 acres of land on a rail spur off Tryon Street and south of I-485.

Westmount invested in modernizing the facilities and bringing in new tenants. The center, which includes refrigerated space and is served by rail, is now about 90 percent leased.

“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 tenancy and stable in-place cash flow,” said Westmount partner Steve Kanoff, in a statement.

The company sold the facilities to a joint venture of LRC Opportunity Fund and New York Life Real Estate Investors. New York Life also recently bought the 525 N. Tryon office tower uptown, along with local developer Grubb Properties.


Rose Henderson said...

I wonder who exactly bought this distribution center. I'm curious to see what they will do with all this space. It is going to take a heck of a lot of work whatever it is. I hope it all works out for them.