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Atlanta & Southeast  + Carolinas  + Distressed Assets  |  May 24, 2024
Old Charlotte tire factory sells for $97M
Mike Boyd
By: Mike Boyd

Former Charlotte Tire Plant Sells for $97M

LM Real Estate Partners has acquired Premier Distribution Center, an almost 1.4 million-square-foot industrial facility in Charlotte, N.C., for $97 million. The firm financed the purchase with a $67 million loan originated by Voya Investment Management. 

Completed in 1966, the building served as a Continental Tire manufacturing facility. The asset underwent a complete transformation and modernization and is now a distribution facility with 24-foot clear heights.

The property previously changed hands in December 2019, when the joint venture purchased it for $60.8 million, or $44.48 per square foot, according to CommercialEdge information.

A joint venture between Somerset Properties and Waterfall Asset Management sold the property. Avison Young brokered the deal.

Chris Skibinski, Chris Loyd and Erik Foster led the Avison Young Investment Sales and Advisory team that brokered the deal.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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