JV Pushes SE Expansion Plans With $50M Buy

CHARLOTTE, NC-A joint venture of Irvine, CA-based CIP Real Estate and Baltimore-based Alex Brown Realty has acquired a business park portfolio with a total of 597,725 sf for $50 million.

The properties include the 395,989-sf Coffey Creek International Business Center at Beam Road and Cross Beam Road in Charlotte, the 110,017-sf Hickory Grove Business Park at E. WT Harris Boulevard in Charlotte and the 91,719-sf Lake Norman Commerce Center at Catawba Avenue and Liverpool Parkway in Cornelius, NC, which is located just north of Charlotte.

“These are the types of properties that we like in an area that we like,” CIP vice president and regional director Jared Rogers tells GlobeSt.com of the acquisition. “We’re really driven by the opportunity.”

The seller was locally based Beacon Ventures LLC, which was represented by Ryan Clutter, of CB Richard Ellis in Charlotte. CIP was self-represented.

Built in phases from 1987 to 2001, the Coffey Creek International Business Center is approximately 90% occupied. Built in phases from 1987 to 1997, the Hickory Grove Business Park includes 12 buildings and is 71% occupied. Built in phases from 1989 to 1996, Lake Norman Commerce Center includes seven buildings and is 95% occupied.

The acquisition is part of the joint venture’s planned expansion into the Southeast. CIP recently opened a Charlotte office. In October, the venture acquired the 162,763-sf Charlotte Commerce Center on Stuart Andrew Boulevard for $12.3 million. The property recently underwent a $1.2-million renovation. CIP expects to acquire more than $200 million in office and industrial properties in 2008, with a substantial percentage of the acquisitions in the Southeast.

“We’re a big believer in Charlotte. We like the growth, quality of life and affordability,” Rogers says. “North Carolina as a state is very business friendly.”