LRC Properties has purchased a 1.9 million square foot distribution warehouse in Newnan, GA. The facility, located at 60 Herring Road, was the regional distribution facility of Kmart until the company closed it last year. With this acquisition, LRC's first in Georgia, LRC Properties now manages approximately five million square feet of industrial space on the East Coast.

Immediately upon purchasing the building, LRC Properties announced that Variety Wholesalers has become the building's first tenant. Variety Wholesalers has signed a long-term lease for 1.4 million square feet of space.
"The I-85 corridor is one of the fastest growing regions for economic growth in the country. This facility is ideally located on this corridor, making it well positioned to help companies wanting to do business efficiently on the East Coast and areas west," said LRC Properties principals and co-founders Howard Lavitt and Ed Kulik. "Equally as important, this property, like all our properties, will provide a strong return on investment for our investors."
LRC plans to make improvements to the facility's roof and parking lots, as well as refitting the building to accommodate multiple tenants.

The Newnan property is one of many properties LRC owns. The firm manages multiple properties on the East coast valued a nearly a half billion dollars and is the third largest industrial owner in Charlotte, NC. Its portfolio includes the industrial complex at 1800 and 1900 Continental Blvd. in Charlotte, 101 Independence Center, Logistics Point, the Esplanade at Southpark, and the Tranquil Court mixed-used building also in Charlotte, 227 Fayetteville Street in downtown Raleigh, and the 500,000-square-foot Madison Park corporate park in Winston-Salem.