CHARLOTTE-The former North American headquarters of Continental Tire here has been sold to a joint venture of LRC Opportunity Fund and New York Life Investment Management for $50.5 million.
The partners plan to add 300,000 square feet of new industrial space at the property, according to the Charlotte Business Journal. Continental is the largest tenant at the complex, occupying approximately 800,000 square feet.
The property currently includes 1.35 million square feet of industrial space and an 115,000-square-foot office building.
LRC is planning the new industrial development on a vacant 25-acre parcel. Howard Lavitt, a principal at LRC, says the firm may build on a speculative basis. See story in the Charlotte Business Journal.
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