{"id":1004456527,"date":"2020-06-16T02:40:34","date_gmt":"2020-06-16T10:40:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004456527"},"modified":"2020-06-16T02:40:34","modified_gmt":"2020-06-16T10:40:34","slug":"charlotte-area-industrial-portfolio-trades-for-76m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/","title":{"rendered":"Charlotte-Area Industrial Portfolio Trades for $76M"},"content":{"rendered":"

CIP Real Estate has acquired more than half a million square feet of industrial space in the Charlotte, N.C.<\/a>, area for $75.5 million from Albany Road Real Estate Partners.<\/p>\n

\n

READ ALSO<\/strong>: Charlotte Commercial Real Estate Wrap-Up \u2013 May 2020<\/a><\/p>\n

\n

The portfolio includes the three-building 77 Overlook campus in Charlotte, N.C., the five-building International Corporate Center in Concord, N.C., the three-building Lakefield Corporate Center in Mooresville, N.C., and the two-building SouthCross Corporate Center in Rock Hill, S.C. Totaling 560,500 square feet, the portfolio is 91 percent occupied. Tenants include Wesco Distribution, TTEC Healthcare Solutions and Winbro Group Technologies, CBRE told Commercial Property Executive<\/em>. Albany Road purchased the 13 buildings for a total of $60.8 million in March 2017.<\/p>\n

CBRE also told CPE<\/em> that the new owners don\u2019t have any major changes planned. CIP has been acquiring industrial properties throughout the U.S. and currently has five other business parks in its North Carolina portfolio, located in Greensboro, Charlotte and Cornelius . The company also owns a group of three industrial\/office business parks in California\u2019s Inland Empire submarket, which recently landed a $58.6 million refinancing<\/a>.<\/p>\n

CBRE\u2019s Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher and Grayson Hawkins represented Albany Road and facilitated the sale, while Johnson and Crutcher will also continue to lease the industrial portfolio on behalf of CIP.<\/p>\n

Industrial resilience in Charlotte<\/h2>\n

Gildea, an executive vice president at CBRE, said in prepared remarks that many commercial real estate transactions have been postponed due to the COVID-19 pandemic but the industrial sector remains resilient. Gildea added in his prepared statement that industrial properties were still being transacted, especially in strong markets like Charlotte and that sector\u2019s pricing is the same as pre-COVID-19 levels, whereas other sectors have seen dips in pricing.<\/p>\n

According to CBRE\u2019s first quarter industrial market report, the Charlotte metro area saw $56.7 million in property transaction volume. While 12 percent lower than the previous quarter, the metro area has totaled $1.9 billion of industrial properties sold in the last five years. Charlotte\u2019s industrial market also saw a slight uptick of 0.4 percent in asking rates to $6.95 per square foot, representing the 36th consecutive quarter of overall rent growth in the market.<\/p>\n","protected":false},"excerpt":{"rendered":"

Albany Road Real Estate Partners has sold a collection of 13 buildings totaling more than half a million square feet across four business parks. <\/p>\n","protected":false},"author":883,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21743,21748,21783,21742],"tags":[35194,32789,33730],"class_list":["post-1004456527","post","type-post","status-publish","format-standard","hentry","category-charlotte","category-deals","category-industrial","category-investment","category-latest","tag-albany-road-real-estate-partners","tag-cbre","tag-cip-real-estate"],"acf":[],"yoast_head":"\nCharlotte-Area Industrial Portfolio Trades for $76M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charlotte-Area Industrial Portfolio Trades for $76M\" \/>\n<meta property=\"og:description\" content=\"Albany Road Real Estate Partners has sold a collection of 13 buildings totaling more than half a million square feet across four business parks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-16T10:40:34+00:00\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/\",\"name\":\"Charlotte-Area Industrial Portfolio Trades for $76M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"datePublished\":\"2020-06-16T10:40:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Charlotte-Area Industrial Portfolio Trades for $76M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\",\"name\":\"Jackson Chen\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/jchenheadshot.png?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/jchenheadshot.png?w=96\",\"caption\":\"Jackson Chen\"},\"description\":\"Jackson Chen is a Connecticut-based freelance writer who has reported on real estate for more than five years. He cut his teeth with real estate journalism when he previously wrote for Real Estate Weekly, the longest-running real estate publication in New York City. He has been writing for Multi-Housing News since late 2019.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/jackson-chen\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Charlotte-Area Industrial Portfolio Trades for $76M - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/","og_locale":"en_US","og_type":"article","og_title":"Charlotte-Area Industrial Portfolio Trades for $76M","og_description":"Albany Road Real Estate Partners has sold a collection of 13 buildings totaling more than half a million square feet across four business parks.","og_url":"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2020-06-16T10:40:34+00:00","author":"Jackson Chen","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/","url":"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/","name":"Charlotte-Area Industrial Portfolio Trades for $76M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2020-06-16T10:40:34+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/charlotte-area-industrial-portfolio-trades-for-76m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Charlotte-Area Industrial Portfolio Trades for $76M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1","name":"Jackson Chen","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/jchenheadshot.png?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/jchenheadshot.png?w=96","caption":"Jackson Chen"},"description":"Jackson Chen is a Connecticut-based freelance writer who has reported on real estate for more than five years. He cut his teeth with real estate journalism when he previously wrote for Real Estate Weekly, the longest-running real estate publication in New York City. He has been writing for Multi-Housing News since late 2019.","url":"https:\/\/www.commercialsearch.com\/news\/author\/jackson-chen\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004456527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/883"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004456527"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004456527\/revisions"}],"predecessor-version":[{"id":1004456557,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004456527\/revisions\/1004456557"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004456527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004456527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004456527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}