JV ACQUIRES NORTH CAROLINA BUSINESS PARK PORTFOLIO

by admin

CHARLOTTE AND CORNELIUS, N.C. — Irvine, Calif.-based CIP Real Estate and Baltimore, Md.-based Alex Brown Realty have acquired a business park portfolio, comprised of three properties in Charlotte and Cornelius, from Charlotte-based Beacon Ventures, for $50 million.
Coffey Creek International Business Center features 395,989 square feet, and is located at the intersection of Beam Road and Cross Beam Drive in Charlotte.
Hickory Grove Business Park is situated on 18 acres and features 12 buildings, totaling 110,017 square feet, in Charlotte. The facility is located along E. WT Harris Boulevard, and was 71 percent occupied at the time of sale.
Lake Norman Commerce Center features seven buildings, totaling 91,719 square feet, and is located at the intersection of Catawba Avenue and Liverpool Parkway in Cornelius. The facility is situated on 9.3 acres and was 95 percent occupied at the time of sale. The seller was represented by Ryan Clutter of CB Richard Ellis’ Charlotte office, and the joint venture partners were represented in-house.

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