Sale of a five-building industrial portfolio in Charlotte and Raleigh-Durham closes

CHARLOTTE, Apr. 8, 2025 – JLL Capital Markets announced today it has closed the sale of a five-building, 652,647-square-foot industrial portfolio located across the high-growth markets of Charlotte and Raleigh-Durham, North Carolina.

JLL represented the seller, LM Real Estate Partners, in the transaction, while Lightstone acquired the assets. Working on behalf of the new owner, JLL also secured the fixed-rate, seven-year acquisition loan through Voya Investment Management.

The portfolio is situated in strategic locations across five submarkets in Charlotte and Raleigh-Durham. At the time of sale, the portfolio was 82.1% leased to twelve tenants with 3.6 years of WALT, presenting investors with the near-term opportunity to capitalize on the mark-to-market of in-place rents.

Located in two of the fastest-growing metro areas in the Southeast, the portfolio benefits from exceptional access to major transportation corridors and robust demographic trends. The Charlotte and Raleigh-Durham regions have experienced rapid population and economic growth, driven by business-friendly climates, highly educated workforces and strong quality of life factors.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Pete Pittroff, Director Michael Scarnato, Senior Director Dave Andrews and Analyst Michael Lewis. The JLL Debt Advisory team, spearheaded by Senior Managing Director Peter Rotchford and Managing Director Taylor Allison, helped secure the acquisition financing.

“This portfolio offered investors a rare opportunity to acquire scale in two of the most sought-after industrial markets in the country,” said Scarnato. “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. We continue to see robust investor appetite for industrial assets in these high-barrier, high-growth Sun Belt markets, especially those offering immediate value-add potential in supply-constrained submarkets."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Founded in 2015 by Jared Marcus and John Livanos, LM Real Estate Partners is a fully integrated commercial real estate operating company specializing in the acquisition and operation of industrial real estate. LM is responsible for all aspects of capital raising, acquisition, leasing, and property management of warehouse-distribution focused industrial properties. LM has acquired and manages 4 million square feet of industrial real estate.

Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 27 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 231 existing properties, Lightstone’s over $9 billion portfolio currently includes over 15 million square feet of industrial, logistics, life sciences, and commercial properties, over 25,000 residential units, and over 5,100 hotel keys. Lightstone’s development portfolio includes over $3.5 billion developed in the residential and hospitality sectors spread across New York City, Los Angeles and Miami.

Voya Investment Management manages almost $340 billion as of December 31, 2024 in assets across public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors, drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals. Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding diversity, equity and inclusion in its business.