**Lightstone Group Acquires 652,647-SF Industrial Portfolio in Charlotte and Raleigh-Durham**
LM Real Estate Partners has completed the sale of a five-building, 652,647-square-foot industrial portfolio located in Charlotte and Raleigh-Durham to the Lightstone Group. This latest acquisition follows Lightstone’s earlier divestiture of a Pfizer facility in Durham.
JLL represented LM Real Estate Partners in the transaction and also arranged a fixed-rate, seven-year acquisition loan through Voya Investment Management on behalf of Lightstone Group.
At the time of sale, the portfolio was 82.1% leased to twelve tenants with a weighted average lease term (WALT) of 3.6 years. This provides investors with a strong near-term opportunity to realize upside through repositioning and lease adjustments, as in-place rents are approximately 27% below current market levels.
The JLL Capital Markets Investment Sales and Advisory team was led by Pete Pittroff, Michael Scarnato, Dave Andrews, and Michael Lewis. The JLL Debt Advisory team, responsible for securing the acquisition financing, was headed by Peter Rotchford and Taylor Allison.
Michael Scarnato commented, “With in-place rents approximately 27% below market and the immediate lease-up opportunity of 116,000 square feet, the portfolio presents significant upside potential.”
This transaction highlights continued investor interest in industrial assets in the rapidly growing Charlotte and Raleigh-Durham markets.
