Crescent Communities Sells Lakemont East Industrial Building
– 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.