A joint venture between CIP Real Estate and Alex. Brown Realty this week announced its purchase of a portfolio of business parks in the Charlotte, N.C., metro area.
Sold by locally based Beacon Ventures LLC for $50 million, the properties include Coffey Creek International Business Center in Charlotte; Hickory Grove Business Park in Charlotte; and Lake Norman Commerce Center in Cornelius, a community just north of Charlotte.
The buildings feature an aggregate 597,725 square feet of office and warehouse space.
Built in phases from 1987 to 2001, Coffey Creek International Business Center is located at Beam Road and Cross Beam Drive and totals 395,989 square feet.
Built in phases from 1987 to 1997, Hickory Grove Business Park is located at E. WT Harris Boulevard and totals 110,017 square feet. Situated on 17.8 acres, the property includes 12 buildings and was 71 percent occupied at closing.
Built in phases from 1989 to 1996, Lake Norman Commerce Center is located at Catawba Avenue and Liverpool Parkway and totals 91,719 square feet. Situated on 9.3 acres, the property includes seven buildings and was 95 percent occupied at the time of sale.
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