News release

Charlotte growth fuels logistics facility sale

JLL Capital Markets closed the sale of the light industrial building in a highly sought-after logistics location

October 11, 2021

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

CHARLOTTE, Oct. 11, 2021 – JLL Capital Markets announced today that it has closed the sale of a 149,709-square-foot logistics facility in an infill location in Charlotte, North Carolina.

JLL worked on behalf of the seller, Piedmont Land Development, Inc. LM Real Estate Partners acquired the property. 

The facility is situated on approximately 16 acres at 6924 Orr Rd. in an infill location in the booming Charlotte MSA, which has experienced cumulative population growth of over 50 percent since 2000, with projections for even more growth over the next three years. This growth has cemented Charlotte’s position as the third fastest-growing major city in the country and a major East Coast logistics hub that facilitates distributors reaching more than 50 percent of the U.S. population within a two-day’s drive.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Pete Pittroff; Managing Director Patrick Nally; Director Dave Andrews and Analysts Michael Scarnato, Josh McArdle and Zach Lloyd.

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 and sales 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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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Piedmont Land Development 

Piedmont Land Development, Inc. is a real estate investment and development firm based in Davidson, North Carolina. Founded in 1997, the firm and its partners own and manage a diversified portfolio of assets, including a portfolio of industrial properties throughout the Southeast.

About LM Real Estate Partners

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 1.5 million square feet of industrial real estate.