LRC Properties in Rye Brook paid $42 million for an approximately 1.1 million-square-foot industrial complex in North Charleston, South Carolina in an off-market deal.
The 8-year-old real estate investment firm in a press release said it plans to invest about $15 million in infrastructure and aesthetic improvements to Leeds Park, a mixed-use complex of office, manufacturing and flex space on an approximately 72-acre site. The business park is about 75 percent occupied.
LRC Properties principal and co-founder Howard Lavitt said the company plans to renovate approximately 40,000 to 50,000 square feet of office space to Class A building standards and 150,000 square feet of industrial space for Leeds Park tenants. Work is expected to begin in 2018.
Amherst Capital Management in New York provided debt financing for the purchase and future renovations.
With the Leeds Park deal, LRC Properties owns approximately 7.5 million square feet of commercial properties on the East Coast, with nearly $600 million of assets under management, most in the Southeast. Lavitt said LRC seeks additional investment opportunities in Charleston and the Southeast from its office in Charlotte.
