Westmount Realty Capital Announces Sale of 1.1 Million S.F. Industrial Complex in Charlotte NC

DALLAS - Jan. 21, 2015 - PRLog -- Dallas-based Westmount Realty Capital (http://www.westmountrc.com) announced today the sale of Logistics Pointe/Charlotte located at 2401 Nevada Blvd. and 12520 General Drive in the southwest submarket of Charlotte, North Carolina, the largest industrial market in the Carolinas.  The buyer was a joint venture partnership between LRC Opportunity Fund and New York Life Real Estate Investors.  Logistics Pointe is a 1.1 million square foot industrial/ distribution complex of five buildings that sits on 66.3 acres within close proximity to major traffic arteries of I-77, I-485, I-85 and the Charlotte/Douglas International Airport.

Westmount Realty Capital originally purchased the property in June 2006 from the lender, a year after Winn-Dixie filed for Chapter 11 bankruptcy protection and closed its southeastern U.S. distribution center as well as about 40 of its Charlotte-area supermarkets. The facilities, some dating back to as early as  1973 and which had been vacant since February 2005, include a freezer building of 209,316 square feet, 191,239 square feet of refrigerated space, a truck maintenance facility, a 30,000 square foot office building, and approximately 650,000 square feet of rail-served dry warehouse/distribution space.

Upon acquisition, Westmount rebranded the then vacant property as “Logistics Pointe” and converted the facility from a single-tenant property to a multitenant use. Through remarketing and rebranding, Westmount was able to raise the facility’s occupancy from zero to over 90 percent leased at closing. Executive Vice President and Partner of Westmount Steve Kanoff shared, “As challenging as it was to lease space in the wake of the economic downturn, we are very pleased with the turnaround we have made with this property, bringing it up to a high quality, well-maintained institutional grade complex with strong credit tenancy and stable in-place cash flow.” Among the major tenants are Americold, West Logistics, Otto Environmental Systems, United Natural Foods (Albert’s Organics) and Provide Commerce (Pro Flowers, Shari’s Berries). The sales price represented a significant gain over Westmount’s original purchase price.

Westmount was represented in the transaction by Cushman & Wakefield|Thalhimer’s Capital Markets team consisting of Chris Norvell, SIOR, Bill Simerville, and Scot Humphrey; as well as industrial specialists from Thalhimer’s Charlotte office, Lane Holbert, CCIM, SIOR and Eric Ridlehoover.

Westmount Realty Capital LLC (“WRC”) is a dynamic, privately held Dallas-based company with activities in commercial real estate investment, development and management. The principals of WRC have a proven 20+ year track record across market cycles, yielding strong investment returns for the company and its investors, in real estate transactions across the United States.          www.westmountrc.com

New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company.   New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds.  With over $38.6 billion in assets under management as of November 30, 2014, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.