Crescent Communities Sells Lakemont East Industrial Building

04/19/2018

CHARLOTTE, N.C.Crescent Communities today announced it has sold Lakemont East, part of its Lakemont Business Park in York County, South Carolina, considered one of the top distribution locations in the Carolinas due to a prime site just minutes from I-77, I-485 and Charlotte Douglas International Airport. Hartz Mountain Industries, Inc. acquired the newly constructed 201,758-sq. ft. Class A Lakemont East industrial facility in a deal that closed this week.

“As we explored possibilities for Lakemont East, activity to purchase was almost as strong as activity to lease,” said Brian Leary, President of Commercial and Mixed Use at Crescent Communities. “Ultimately we engaged Patrick Gildea and his team at CBRE Capital Markets to list the property giving us the freedom to focus on future industrial development opportunities in what is currently a strong market.”

In December, Stanley Black & Decker announced plans to expand its presence in the Carolinas with the selection of Lakemont Business Park for a 345,000 sq. ft. build-to-suit manufacturing and distribution facility that will be developed by Crescent and is expected to be completed in the third quarter of 2018.

“Crescent has delivered an exceptional product in arguably Charlotte’s best submarket during a time of unprecedented industrial demand by investors and users, and we are proud to be part of this win-win for both Crescent and Hartz Mountain,” said Patrick Gildea, Executive Vice President at CBRE Capital Markets.  

In addition to a prime location, Lakemont East features an innovative design to meet the future needs of global businesses. It was developed in collaboration with architectural firms Merriman Schmitt and Gensler. 

About Crescent Communities

Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of multifamily, commercial and mixed use communities. Crescent creates high-quality, differentiated communities in desirable locations in many of the fastest growing markets in the Southeast and Southwest. Since the company was founded in 1963, Crescent’s development portfolio has included more than 60 single family master-planned communities,  43 multifamily communities and more than 21 million square feet of commercial space. Its multifamily communities are branded NOVEL by Crescent Communities.