NEW YORK METRO (October 7, 2014) – Keith Braddish, managing director of NorthMarq Capital’s New York metro based office has secured $18.8 million in acquisition financing for Colonial Plaza, a 202,810 square foot class “A” suburban office building located at 2101 Rexford Road in Charlotte, North Carolina. The property is located in the South Park sub-market in Charlotte—widely considered the best performing market in the MSA. The transaction was a joint venture between Highbrook Investment Management LLC and LRC Properties, LLC. The acquisition marks LRC Properties’ fourth purchase in just over nine months in the state.
“This acquisition financing repatriated equity to the partnerships soon after an all-cash closing,” said Braddish. “The investment allows LRC Properties, LLC to strategically continue their buying spree in the State of North Carolina. The loan was a balance sheet financing for GE that facilitates a repositioning of the asset, while also recognizing additional development rights associated with the site.”