News release

Lightstone funds industrial acquisition with $26M loan

JLL Capital Markets arranged the financing for the new warehouse in Charlotte, North Carolina 

October 29, 2020

NEW YORK, October 29, 2020 – JLL Capital Markets announced today that it has arranged a $26 million acquisition loan for Lightstone Logistics Center, a newly constructed, 400,000-square-foot, Class A multi-tenant industrial warehouse and distribution building in Charlotte, North Carolina.

JLL worked on behalf of the borrower, New York City-based Lightstone, to place the floating-rate bridge loan with Benefit Street Partners Realty Trust.

Completed in October 2020, Lightstone Logistics Center features 70 dock doors, wide column spacing, 36-foot clear heights, 319 automobile spaces and 72 trailer stalls. Power Distributors, a nationwide distribution firm, pre-leased half of the space. Situated on 34.6 acres at 7800 Tuskaseegee Rd., Lightstone Logistics Center is in Charlotte, one of the most highly sought-after distribution hubs in the U.S. The building is in an infill, last-mile location in the Airport Industrial submarket and one mile of access to Interstate 85, the industrial backbone of the southeast. It has connectivity within a one-day drive to several southeastern distribution hubs, including Wilmington, Charleston, Savannah, Morehead City and Norfolk.

The JLL Capital Markets Debt Placement team representing the new owner was led by Senior Director Peter Rotchford, Director John Gavigan, Vice President Alex Staikos and Analyst Ryan Lieberman.

“With our acquisition of the Lightstone Logistics Center, we are continuing our expansion in logistics and e-commerce across the country,” said Mitchell Hochberg, President of Lightstone. “Our strategy is to increase our industrial platform and look for investments in growing markets where we feel we can achieve substantial risk-adjusted returns over a long-term hold.” 

Industrial demand is on the rise in the United States, especially in the Charlotte market, which saw only 634,341 square feet of new industrial product enter the market in the third quarter. JLL Research expects the Charlotte industrial demand to continue over the coming quarters, as continued shifts in consumer behavior will translate to ongoing need for additional industrial warehouse space to serve this growing sector of consumer demand.

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, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Lightstone 

Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 24 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 127 existing properties, Lightstone’s over $6.5 billion portfolio currently includes over 4 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and over 4,100 hotel keys. Lightstone also owns over 10,000 land lots across the country.

Headquartered in New York City, Lightstone continues to grow its development portfolio with over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles and Miami.