JLL Capital Markets announced it arranged a $26 million acquisition loan for Lightstone Logistics Center, a newly constructed, 400,000 s/f Class A multi-tenant industrial warehouse and distribution building in Charlotte, North Carolina.
JLL worked on behalf of the borrower, New York City-based Lightstone, to place the floating-rate bridge loan with Benefit Street Partners Realty Trust.
Completed in October 2020, Lightstone Logistics Center features 70 dock doors, wide column spacing, 36-foot clear heights, 319 automobile spaces and 72 trailer stalls.
Power Distributors, a nationwide distribution firm, pre-leased half of the space.
Situated on 34.6 acres at 7800 Tuskaseegee Rd., Lightstone Logistics Center is in Charlotte, one of the most highly sought-after distribution hubs in the U.S. The building is in an infill, last-mile location in the Airport Industrial submarket and one mile of access to Interstate 85, the industrial backbone of the southeast. It has connectivity within a one-day drive to several southeastern distribution hubs, including Wilmington, Charleston, Savannah, Morehead City and Norfolk.
The JLL Capital Markets Debt Placement team representing the new owner was led by Senior Director Peter Rotchford, Director John Gavigan, Vice President Alex Staikos and Analyst Ryan Lieberman.
Industrial demand is on the rise in the United States, especially in the Charlotte market, which saw only 634,341 square feet of new industrial product enter the market in the third quarter.
JLL Research expects the Charlotte industrial demand to continue over the coming quarters, as continued shifts in consumer behavior will translate to ongoing need for additional industrial warehouse space to serve this growing sector of consumer demand.
Headquartered in New York City, Lightstone continues to grow its development portfolio with over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles and Miami.