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Wednesday, May 23, 2012  

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3/26/2008

CIP/Alex Brown JV pays $50M for three Charlotte business parks


LakeNorman_Photo.jpg
Lake Norman Commerce Center
A joint venture between CIP Real Estate and Baltimore, Md-based Alex Brown Realty have purchased a portfolio of three business parks in Charlotte, N.C., for $50 million from locally-based Beacon Ventures, LLC.

Ryan Clutter of CB Richard Ellis' Charlotte office represented Alex Brown while CIP was repped in-house.

The three business parks are the Coffey Creek International Business Center, the Hickory Grove Business Park and the Lake Norman Commerce Center. They were built between 1987 and 2001 and contain 587,725 square feet.

The Coffey Creek property is located at Beam Road and Cross Bream Drive in Charlotte. The 395,989 square foot office park was built in phases from 1987 to 2001 and is the largest of the three properties.

The Hickory Grove property is situated on 17.8 acres at E. WT Harris Boulevard in Charlotte. Built between 1987 and 1997, it is comprised of 12 buildings on 110,017 square feet and is 71 percent occupied.

The smallest of the properties, the Lake Norman Commerce Center, is located at Catawba Avenue and Liverpool Parkway in the Charlotte suburb of Cornelius. The seven-building park contains 91,719 square feet on 9.3 acres and is 95 percent occupied.

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: Coffey Creek International Business Center at Beam Road & Cross Beam Drive, Charlotte, N.C.
- Hickory Grove Business Park at E. WT Harris Boulevard, Charlotte, N.C.
- Lake Norman Commerce Center at Catawba Avenue & Liverpool Parkway, Cornelius, N.C.

Size: 597,725 square feet

Built: 1987-2001


Filed Under: Office

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