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LRC continues to bulk up East Coast portfolio: NAI CHARLESTON.

New York-based LRC Properties has purchased a 1,056,000 s/f industrial complex in SOuth Carolina for $42 million.

Leeds Park is a mixed use complex offering office, manufacturing and flex space on 72 acres. The property has a water treatment plant, air compressors, large electrical capacity, conditioned space, and over 1,200 parking spaces.

It is 75 percent occupied with major tenants including MAHLE, American Axle & Manufacturing, Cummins, the Charleston Chamber of Commerce, and Limestone College.

LRC plans to invest $15 million in infrastructure and aesthetic improvements. Plans include renovating 40,000 to 50,000 s/f of office space to Class A standards and another 150,000 s/f of industrial space.

Other potential amenities that are under consideration include collaborative space, conference rooms, a business center, a gym, and improved food options. LRC is still working on its overall interior and exterior plan but work is expected to begin sometime in 2018.

The NAI Charleston team of Dexter Rumsey and Shep Benjamin along with LRC's NAI relationship advisor Andie Edmonds, CCIM, put together the offmarket deal for LRC Properties. Amherst Capital Management in New York provided debt financing for the purchase and future renovations.

The deal brings LRC's ownership on the East Coast to 7.5 million square feet of commercial properties.

Howard Lavitt, principal and co-founder of LRC Properties, said, "We plan to reposition the property and harness its potential by investing in both infrastructure and cosmetic improvements that will make it first class and highly desirable for companies looking for office, flex, and manufacturing space.

"LRC is also continuing to seek additional investment opportunities in Charleston and the Southeast, spearheaded by Darren Hirsch who heads up the Carolinas acquisition team for LRC."

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Title Annotation:SELLING POINTS
Comment:LRC continues to bulk up East Coast portfolio: NAI CHARLESTON.(SELLING POINTS)
Publication:Real Estate Weekly
Date:Nov 29, 2017
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