Lightstone, one of the largest and most diversified privately held real estate companies in the United States, today announced the acquisition of a 400,000-square-foot distribution facility in Charlotte, NC for $34 million.

The property, which will be renamed the Lightstone Logistics Center, is 50 percent leased to Power Distributors, one of the nation's largest distributors of outdoor power equipment. The brand-new facility features 36-foot ceilings, 70 dock doors, wide column spacing, ample parking, and immediate highway access to I-485 and I-85. Located at 7800 Tuckaseegee Road, it was until recently known as Clarius Park Charlotte.

"With our acquisition of the Lightstone Logistics Center, we are continuing our expansion in logistics and e-commerce across the country," said Mitchell Hochberg, President of Lightstone. "Our strategy is to increase our industrial platform and look for investments in growing markets where we feel we can achieve substantial risk-adjusted returns over a long term hold."

The company owns more than 4 million square feet of industrial and retail properties and continues to expand its national footprint in the space. Earlier in October, Lightstone acquired a 650,000-square-foot distribution facility in Garland, Texas. In July, Lightstone acquired the Harrison Distribution Center, a 580,000-square-foot distribution facility in Cincinnati.

Peter Rotchford of JLL arranged the acquisition financing for the Lightstone Logistics Center and Chris Loyd and Tom Tropeano of Avison Young represented the seller.

About Lightstone

Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 24 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 127 existing properties, Lightstone's over $6.5 billion portfolio currently includes over 4 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and 4,100 hotel keys. Lightstone also owns over 10,000 land lots across the country.