1.36 MSF industrial building on 25+ acres sells for nearly $100M

Charlotte, NC – Avison Young, global real estate advisory firm has successfully arranged the sale of a 1.36-million-square-foot (msf) multi-tenant industrial building located at 1900 Continental Boulevard in Charlotte, North Carolina at the cost of $97 million – representing the largest industrial sale in the Charlotte market this year.

The Avison Young Investment Sales and Advisory team, led by Chris Skibinski, Chris Loyd, and Erik Foster, managed the sale. 

LM Real Estate Partners (“LM”) purchased the property from a joint venture of Somerset Properties and Waterfall Asset Management. The property is situated within the supply-constrained Stateline submarket. LM is a fully integrated industrial operator based in New York that targets functional class B industrial product. In less than a year, the firm has acquired 2.3 msf of multi-tenanted industrial sites in the Stateline submarket.

 “The Stateline submarket maintains one of the strongest supply demand dynamics in the Southeast,” said John Livanos, Partner, LM. “The majority of tenant demand in the market is for highly functional, well-located space at a discount to class A; the majority of the newly built class A is located in weaker submarkets”. 

The industrial asset underwent a complete transformation – from Continental Tire manufacturing facility to modern distribution complex, featuring an average clear height of 24 feet, ample dock doors, ESFR sprinkler systems, white-boxed interiors and substantial outside trailer storage. 

“This was a unique transaction for both the seller and the buyer due to the critical elements such as the timing, the occupancy rate, and the financing environment,” said Skibinski. “It’s a demonstration that the availability of capital for industrial assets remains active despite the challenges the market is experiencing.”