Avison Young arranges largest industrial sale of the year in Charlotte's Southwest Submarket

aerial photo of industrial commercial property May 23, 2024

1.36 MSF industrial building on 25+ acres sells for nearly $100M

Charlotte, NC – Avison Young, global real estate advisory firm has successfully arranged the sale of a 1.36-million-square-foot (msf) multi-tenant industrial building located at 1900 Continental Boulevard in Charlotte, North Carolina at the cost of $97 million – representing the largest industrial sale in the Charlotte market this year.

The Avison Young Investment Sales and Advisory team, led by Chris Skibinski, Chris Loyd, and Erik Foster, managed the sale. 

LM Real Estate Partners (“LM”) purchased the property from a joint venture of Somerset Properties and Waterfall Asset Management. The property is situated within the supply-constrained Stateline submarket. LM is a fully integrated industrial operator based in New York that targets functional class B industrial product. In less than a year, the firm has acquired 2.3 msf of multi-tenanted industrial sites in the Stateline submarket.

 “The Stateline submarket maintains one of the strongest supply demand dynamics in the Southeast,” said John Livanos, Partner, LM. “The majority of tenant demand in the market is for highly functional, well-located space at a discount to class A; the majority of the newly built class A is located in weaker submarkets”. 

The industrial asset underwent a complete transformation – from Continental Tire manufacturing facility to modern distribution complex, featuring an average clear height of 24 feet, ample dock doors, ESFR sprinkler systems, white-boxed interiors and substantial outside trailer storage. 

“This was a unique transaction for both the seller and the buyer due to the critical elements such as the timing, the occupancy rate, and the financing environment,” said Skibinski. “It’s a demonstration that the availability of capital for industrial assets remains active despite the challenges the market is experiencing.” 

About Avison Young

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2024 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 13 consecutive years.

About Somerset Properties

Somerset Properties is a full-service real estate investment and operating company with a 25+year track record of creating value for investors through acquisitions, development, property management, leasing, marketing, and capital markets expertise. Since inception, Somerset Properties has owned and managed nearly 15 million square feet. The firm is managed by a team of 40 real estate professionals under the direction of Anthony Brady and Mark White, career real estate specialists with over 30 years of experience in all facets of commercial real estate investing. To learn more, visit somprop.com.

Link to property photo: 1900 Continental Boulevard, Charlotte, NC

Media Contacts:

Sandra Hill, Senior Manager, Media Relations – United States, Avison Young: +1 281.853.5548