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LRC PROPERTIES, HIGHBROOK BUY COLONIAL PLAZA IN CHARLOTTE FOR $25.3M

CHARLOTTE, N.C. — LRC Properties LLC, in a joint venture with Highbrook Capital Management, has purchased Colonial Plaza, a three-story, 211,810-square-foot office building located at 2101 Rexford Road in Charlotte’s SouthPark submarket. The joint venture purchased the Class B asset, also known as the Esplanade, for approximately $25.3 million. The office building’s tenant roster includes Ally Financial, Garretson Firm Resolution Group, Agility Recovery and American Security Mortgage. LRC Properties plans to upgrade the property with the addition of a conference meeting room, lounge and health club. Darren Hirsch will lead LRC Properties’ day-to-day management of Colonial Plaza. Including this transaction, LRC Properties now owns and manages approximately 1.8 million square feet of commercial space in Charlotte.

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