CIP Real Estate has secured financing in the amount of $29.5 million for Whitehall Tech Center, a three-building, 279,150-square-foot industrial park in Charlotte, N.C. Mecklenburg County records show that Hartford Investment Management Co. provided the three-year, floating-rate loan. JLL arranged the deal on behalf of the borrower.
CIP initially acquired the property in April 2016, in a joint venture with CrossHarbor Capital Partners. The asset was recapitalized in June 2020 with a $21.5 million loan from a life company managed by Global Atlantic Financial Group.
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Located at 2745, 2915 and 2705 Whitehall Drive Park, the Class A, multi-tenant business campus comprises two existing warehouses totaling 204,900 square feet, with a third, 74,250-square-foot facility expected to break ground in the second quarter of this year. All buildings will have ESFR sprinkler systems, 20- to 28-foot clear heights and a total of 57 dock-high doors.
Whitehall Tech Center is close to interstates 77 and 485, 9 miles from Charlotte Douglas International Airport and 12 miles from downtown Charlotte. Tenants at the property include Guardian Pharmacy, DEX Imaging and BlueDot Medical, CommercialEdge data shows.
Charlotte sees growing industrial demand
JLL Executive Managing Director Kevin MacKenzie, together with Senior Directors Taylor Alison and Peter Thompson, secured the financing for CIP Real Estate. According to the company’s 10th annual U.S. Industrial Demand Study, Charlotte saw a 31.4 percent increase in industrial demand from 2021 to 2022, due to the current population growth and expansion of manufacturing activities. The market’s proximity to the Port of Charleston and the Inland Port put Charlotte on the 15th position among the U.S. metros.
Recent projects in the area include Crow Holdings’ speculative development that will total more than 470,000 square feet of space when complete. With Avison Young tapped as exclusive leasing agent, the projects is expected to be available for occupancy in late 2023.