Updated Dec 4, 2024
LM Real Estate Partners Acquires Industrial Facility In Charlotte For $97M
1900 Continental Boulevard
$97,000,000
$69/SF
Building Size
1,400,000 SF
Asset Type
Industrial
Closing
May 24, 2024
About this deal
AI
The industrial facility at 1900 Continental Blvd. in Charlotte, N.C., spanning 1.4 million square feet, was recently acquired by LM Real Estate Partners for $97 million. The transaction was funded through a $67 million loan provided by Voya Investment Management.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $97,000,000
- Address: 1900 Continental Boulevard
- Market: Charlotte, NC
- Seller: Somerset Properties & Waterfall Asset Management
- Brokers: Chris Loyd, Christopher Skibinski & Erik Foster - Avison Young
- Lender: Voya Investment Management
- SF: 1,400,000
- PPSF: $69
The deal involved the collaborative efforts of brokers Chris Loyd, Christopher Skibinski, and Erik Foster from Avison Young, who represented the buyer, LM Real Estate Partners, and the sellers, Somerset Properties & Waterfall Asset Management.
On the Map
$97,000,000
$69/SF
Industrial
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Players
Charlotte Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93