LRC purchases Logistics Pointe for $52.1 million

LRC Properties, LLC, in a joint venture with New York Life Real Estate Investors, has purchased Logistics Pointe Distribution Center. The property, located in Charlotte's desirable Southpark submarket, was purchased for $ 52.1million. With the completion of this deal, LRC Properties and New York Life Real Estate Investors are now the third largest industrial owner in Charlotte with 2.958 million s/f of industrial space. Logistics Pointe Distribution Center, formerly Winn-Dixie, is one of the largest complexes of its kind in North Carolina with both freezer and refrigeration space. Situated on 66 acres of property, Logistics Point Distribution Center is a five-building, 1,085,995 s/f complex featuring a high quality warehouse and distribution in a campus setting. The complex is currently 87% occupied, with tenants including West Brown Logistics, Otto Environmental Systems, Albert's Organics, Provide-Commerce, and Pro Flowers. "Logistics Pointe is a unique property in the region, and we're pleased to be able to add it to our portfolio of properties in the area, which also includes the Patriot Warehouse complex at 1800 and 1900 Continental Blvd. With this purchase, we can better accommodate companies needing top-quality, centrally located distribution facilities to conduct business along the mid-Atlantic coast. Equally as important, this property, like all of our properties, will provide a strong return on investment for our investors," said Howard Lavitt, principal and co-founder of LRC Properties, LLC. LRC will begin work soon on a modernization plan for the complex, including updating the roofs, mechanical systems and select cosmetic improvements . Darren Hirsch, managing director of LRC Properties and head of its Carolinas office, will help oversee Logistics Point.