News release

Sale of last-mile warehouse in Raleigh closes

JLL Capital Markets closed the sale of the multi-tenant industrial property to Pennybacker Capital 

November 08, 2021

Kimberly Steele

Occupier PR
+1 713 852 3420

RALEIGH, N.C., Nov. 5, 2021 – JLL Capital Markets announced today that it has closed the sale of South 40 Distribution Center, a 502,495-square-foot, last-mile, multi-tenant distribution facility in Raleigh, North Carolina.

JLL marketed the property on behalf of the seller, LM Real Estate Partners. Pennybacker Capital acquired the asset. 

South 40 Distribution Center is in a last-mile, infill location at 2201 and 2126 S. Wilmington St. one mile south of downtown Raleigh. This strategic position is also adjacent to Interstate 40, which is the primary interstate artery in the market, and allows tenants easy access to the entire booming Raleigh-Durham MSA, which is adding about 43 new residents per day and is projected to be the second fastest-growing large city in the U.S. by 2030. 

“We are thrilled to be entering the Raleigh industrial market,” said Pennybacker Capital’s Edvin Beasley, managing director and portfolio manager of Pennybacker’s Value Funds. “With immediate proximity to the broader MSA and long-term optionality of the investment, we believe the property fills a growing need for infill industrial space and is well-positioned to participate in the near and long-term growth of Raleigh and the surrounding markets.”

The JLL Capital Markets team representing the seller was led by Managing Director Patrick Nally, Senior Managing Director Pete Pittroff, Director Dave Andrews and Analyst Michael Scarnato.

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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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

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 2.5 million square feet of industrial real estate.

About Pennybacker Capital Management

Pennybacker Capital is a real estate private equity investment manager with offices in Austin, New York, Denver and Charlotte. The firm pursues value and income and growth strategies within a broad spectrum of real estate asset classes, across the entire capital structure. 

Pennybacker has a proven 15+ year track record, having invested in and/or operated more than $3.7 billion of real estate value throughout the United States. The firm has sponsored six discretionary value-add real estate private equity funds, two real estate credit funds, and nine syndicated investments. For more information, visit