Lightstone has aggressively expanded its presence in the country over the past year, opening additional offices in Los Angeles and Dallas.
“We are delighted with the opening of the Charlotte office and the continued rapid growth of the Southeast,” said Mitchell Hochberg, President of Lightstone. “With a current portfolio of industrial acquisitions of $ 250 million, we expect the South East region to become an even larger part of our diversified portfolio in the near future.”
The coronavirus pandemic has sparked increased interest in suburban markets as Sunbelt cities like Charlotte are attracting the attention of companies and individuals drawn to their favorable business rules, growing workforce and lower cost of living.
Lightstone already has an extensive existing portfolio in the Southeast, including 1.7 million square feet of commercial and industrial real estate, 2,700 apartment buildings and 650 hotel keys. Most recently, in October 2020, the company acquired a distribution center in Charlotte, which it renamed the Lightstone logistics center.
Lightstone will seek new acquisition opportunities, first focusing on industrial and multi-unit asset classes and eventually expanding to other types of real estate.
The Charlotte office will be headed by Managing Director Conor Mullen, who joined Lightstone in 2013 and will relocate from New York. Mullen played a leading role in Lightstone’s national acquisitions strategy and was instrumental in the creation of the Lightstone industrial platform.
Lightstone operates in 24 states nationwide, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial and retail.
Lightstone’s $ 6.5 billion portfolio currently includes 132 existing properties, including over four million square feet of office, retail and industrial commercial properties, over 15,000 residential units and over 4,300 hotel keys. Lightstone also owns over 10,000 land plots across the country.
The company is currently developing a $ 3.5 billion portfolio in the residential and hospitality sectors of New York, Los Angeles and Miami.
(Visits 1 time, today 17)