LM Real Estate Partners has recently acquired Premier Distribution Center, a state-of-the-art industrial facility spanning almost 1.4 million square feet in Charlotte, North Carolina. The purchase price for this prime property was $97 million and the financing was secured through a $67 million loan from Voya Investment Management.
Originally built in 1966 as a Continental Tire manufacturing plant, the building has since undergone extensive renovations and modernization to become one of the most sought-after distribution centers with impressive clear heights of 24 feet.
The property had previously changed hands in December 2019 when it was purchased by a joint venture for $60.8 million or approximately $44.48 per square foot according to data from CommercialEdge.
The sale of this asset marks another successful transaction for Avison Young who brokered the deal on behalf of Somerset Properties and Waterfall Asset Management – previous owners of Premier Distribution Center. Leading Avison Young’s Investment Sales and Advisory team were Chris Skibinski, Chris Loyd, and Erik Foster who played an instrumental role in securing this high-value acquisition.
This significant sale further solidifies LM Real Estate Partners’ position as an expert player within the commercial real estate market with their strategic investments across various regions nationwide.
