11/1/2007

Charlotte business park brings $12.32 million

by

Ryan Clutter

A joint venture between CIP Real Estate and Baltimore, Md.-based Alex Brown Realty has acquired the Interstate Business Park in Charlotte, N.C., for $12.32 million from Norfolk, Va.-based Charlotte Park Associates LLC, a subsidiary of CPA Investors.

Ryan Clutter of CB Richard Ellis' Charlotte office represented CPA in the deal while CIP handled negotiations in-house.

The business park contains 162,763 square feet and nine single-story office/flex/warehouse buildings. Built in 1984 on 15.19 acres, the property is 72 percent occupied and is home to tenants such as NASCAR Images, Alvacor, Inc., Pomeroy IT Solutions, CRA Services, The Johnson Group and Davidson Media Group.

CIP plans to rename and re-brand the property as the Charlotte Commerce Center. The company also plans to renovate the exterior of the building and complete the renovations by the end of the year.

Clutter is an investment sales specialist in CBRE's Investment Properties Group in Charlotte and specializes in office and industrial properties. Prior to that, he was a member of the company's Carolina Corporate Services Group. He has been with CBRE since 1996 and was recently involved in the $171 million sale of Charlotte's Piedmont Town Center, a 488,589 square foot mixed-use property.

Address: 4101 Stuart Andrew Blvd., Charlotte, N.C.

Size: 162,763 square feet

Built: 1984

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Filed Under: Office

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