Stone is just the start of…

Positively Impacting OUR Local ECONOMIES

Using Our Real Estate Engine to Fuel Economic Growth

Luck Real Estate Ventures (LREV) manages Luck Companies’ real estate portfolio—over 25,000 acres across the Southeast—and is tasked with leveraging it to create business opportunities, accelerate economic growth, and affect positive change in our communities.

“Over the last five years, our land has fueled much of our growth in the Southeast,” said Jon Riley, General Manager of LREV. “We’re utilizing our land assets creatively to generate revenue for the growth of our communities, the growth of our customers, and the growth of our business.”

lrev team

DEVELOPING LAND WITH THE RIGHT PARTNERS

In 2020, we began a more intentional approach to industrial development with our real estate holdings. In the past, we had maintained a lot of undeveloped land, but through careful analysis and research, our team determined that developing portions of the land would create more opportunities for everyone involved.

As the team explored opportunities and met potential industrial tenants, we realized our unique position in managing the land.

“We began to connect with potential partners all over the country,” said Vik Murthy, Land Use Development Manager. “Our conversations made it clear that we were an ideal fit for companies being courted by local communities that needed industrial property but didn’t want to own the land or the zoning process. We handle that step for them and have a more flexible timeline.”

SPOTLIGHT ON SANFORD

Our Sanford, North Carolina, site is an excellent example of how the LREV team’s expertise and capabilities benefit the company, our customers, and our communities.

In 2020, we acquired a greenfield in Sanford, North Carolina. It was an incredible piece of real estate, but it wasn’t permitted in an ideal way for a quarry, and there were challenges with the access road leading into the property.

The LREV team took a creative look at the land and surrounding property and devised a solution that benefited all stakeholders. They identified 140 additional acres of land, acquired it, and designed an alternative access road. This land was annexed into the city, giving us access to utilities, and then rezoned with an industrial designation.

“We were able to use our real estate expertise to solve a problem that facilitates the quarry’s ultimate construction and enables us to support industrial and job growth within the community,” said Jon.

Through this process, we built lasting relationships in the community that will continue to benefit development.

“As a community, Sanford had identified a gap in our local economy for flexible industrial space, and Luck Companies approached us with a way to make that happen,” said Todd Tucker, Economic Development Director at the Sanford Area Growth Alliance.

Our LREV team brought the land, the expertise, and the right partners to create a truly beneficial path forward for everyone involved.

Speaking about the partnership, Jimmy Randolph, CEO of the Sanford Area Growth Alliance said, “When it comes to economic development, growth follows manufacturing, and the LREV team brought us a tremendous opportunity to grow — a win-win for all of us.”

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