LM Real Estate Partners has sold a five-building, 652,647-square-foot industrial portfolio in Charlotte and Raleigh-Durham to the Lightstone Group. Earlier this year, Lightstone sold a Pfizer facility in Durham.

JLL represented LM in the transaction. Working on behalf of the new owner, JLL also secured the fixed-rate, seven-year acquisition loan through Voya Investment Management.

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.

Pete Pittroff, Michael Scarnato, Dave Andrews, and Michael Lewis led the JLL Capital Markets Investment Sales and Advisory team. Peter Rotchford and Taylor Allison spearheaded the JLL Debt Advisory team, which helped secure the acquisition financing.

Scarnato added, “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.”