Lightstone announced the acquisition of a 400,000 s/f distribution facility in Charlotte, NC, for $34 million.
The property, which will be renamed the Lightstone Logistics Center, is 50 percent leased to Power Distributors, one of the nation’s largest distributors of outdoor power equipment.
The brand-new facility features 36-foot ceilings, 70 dock doors, wide column spacing, ample parking, and immediate highway access to I-485 and I-85. Located at 7800 Tuckaseegee Road, it was until recently known as Clarius Park Charlotte.
“With our acquisition of the Lightstone Logistics Center, we are continuing our expansion in logistics and e-commerce across the country,” said Mitchell Hochberg, President of Lightstone.
“Our strategy is to increase our industrial platform and look for investments in growing markets where we feel we can achieve substantial risk-adjusted returns over a long term hold.”
The company owns more than four million square feet of industrial and retail properties and continues to expand its national footprint in the space. Earlier in October, Lightstone acquired a 650,000 s/f distribution facility in Garland, Texas. In July, Lightstone acquired the Harrison Distribution Center, a 580,000 s/f distribution facility in Cincinnati.
Peter Rotchford of JLL arranged the acquisition financing for the Lightstone Logistics Center and Chris Loyd and Tom Tropeano of Avison Young represented the seller.