Interstate Business Park, a nine-building property in Charlotte, N.C., has sold to a joint venture for $12.3 million.
California-based CIP Real Estate and Maryland-based Alex Brown partnered to purchase the 167,763-square-foot asset from Norfolk, Va.-based Charlotte Park Associates LLC.
The property, which includes single-story office/flex/warehouse buildings, is located on Stuart Andrew Boulevard at the intersection of Clanton Road and Interstate 77. It was constructed between 1981 and 1984.
At the time of purchase, the 15.2-acre property was approximately 72 percent occupied by tenants that included NASCAR Images, Alvacor Inc., Pomeroy IT Solutions, CRA Services, The Johnson Group and Davidson Media Group.
CIP Real Estate’s current plans for Interstate Business Park include rebranding and renaming the project Charlotte Commerce Center once exterior improvements that include roof renovations, HVAC upgrades, repainting the buildings and new landscaping have been completed. Renovations on the project are scheduled to start immediately and will be completed by the end of 2007.