North Carolina Business Park Portfolio Gets $40M Funding
- Apr 07, 2008
CIP Real Estate and Alex Brown Realty Inc. have taken three business parks totaling approximately 600,000 square feet, thanks to $40.7 million of funding arranged by Buchanan Street Partners. The flex-industrial-office space is in the Charlotte, N.C. area. Buchanan Street was able to structure and secure a four-year, fixed-rate loan. “This transaction provided us the opportunity to leverage our relationships and secure financing for the CIP/ABR venture to close on this portfolio in a tight lending market.” Timothy Hawthorne, executive vice president of Buchanan Street, said in a statement. The portfolio encompasses three business parks, 87 percent leased, located in the Charlotte metropolitan area. The properties include: Coffey Creek International Business Center, a 22-building, 396,000-square-foot business park in Charlotte, N.C.; Hickory Grove Business Park, a 12-building, 110,000-square-foot business park in Charlotte; and Lake Norman Commerce Center, a seven-building, 92,000-square-foot business park in the adjacent city of Cornelius, N.C. CIP plans to lease-up the remaining vacancies and roll leases to higher market rents upon completion of $1.6 million in capital improvements to the business parks.