CHARLOTTE, NC:  Cushman & Wakefield | Thalhimer announced today that its Capital Markets Group, representing Patriot Equities, completed the sale of 1800 and 1900 Continental Boulevard to the joint venture of the New York-based LRC Properties, LLC and New York Life. The deal was for a purchase price of $50,525.000.
     The properties of 1800 and 1900 Continental Boulevard are a 1.5-million square foot, multi-tenant industrial complex in the heart of Charlotte’s Southwest industrial submarket. Originally purchased in December 2007 from Continental Tire, Patriot Equities redeveloped and repositioned the property into a multi-tenant distribution facility with class A features. The complex is strategically positioned at the interchange of I-77 and I-485 in the heart of Charlotte’s Southwest industrial submarket and includes +/- 25 acres for future development of up to 270,000 square feet of warehouse space with direct frontage on I-485.
     1900 Continental Boulevard is 98% leased to four tenants and featured a publicly traded rent roll with name-brand credit tenants such as Continental Tire North America, Snyder’s-Lance and Snap AV.  The facility continues to be anchored by Continental Tire and serves as its mission-critical testing and distribution operation. 1800 Continental Boulevard is currently 34% leased, including the headquarters operations for Snap AV, and has outstanding leases that will bring the occupancy rate up to 74%.
     LRC Properties plan to implement a repositioning and rebranding of the entire area, as well as institute property improvements, such as adding sustainability features to the buildings. In addition, it will develop the 25 acres of currently unused land to accommodate big box warehouses.
     “1800 and 1900 Continental Avenue are great additions to our portfolio. We own other properties in Charlotte and North Carolina and wanted to diversify our portfolio into warehouse products. 1800 and 1900 were the perfect choice because of their location in the heart of Charlotte’s warehouse district, their proximity to major highways making them easy to get to, and their current high occupancies. We know they will continue to provide long-term appreciation and growth for the Charlotte area, especially after we complete our planned repositioning and rebranding of the properties, add some key improvements, and develop the currently undeveloped land. Equally as important, these properties, like all of our properties, will provide a strong return on investment for our investors,” said Howard Lavitt, principal and co-founder of LRC Properties, LLC.
     Members of the Cushman & Wakefield | Thalhimer marketing team for the deal included:  North Carolina-based – Chris Norvell, SIOR and Scot Humphrey, as well as Cushman & Wakefield’s Atlanta-based Stewart Calhoun and Samir Idris.
     LRC Properties also owns other properties in North Carolina, including the Tranquil Court mixed-used building in Charlotte, the Brier Creek Medical Pavilion building in northwest Raleigh, and the 500,000-square-foot Madison Park corporate park in Winston-Salem.
     LRC Properties, LLC is an experienced investment manager focused on East Coast commercial real estate investments. Headquartered in the New York City metro area, with offices in Winston-Salem and Charlotte, North Carolina, LRC concentrates in acquiring properties and purchasing loans secured against real state in solid or improving markets on the East Coast. LRC focuses on creating above-market returns for its investment partners by providing substantial value to the properties it purchases through operations, repositioning, restructuring and redeveloping, utilizing a “hands-on” management approach. For more information on LRC Properties, LLC, visit www.lrcproperties.com