CBRE Group, Inc. announced the sale of two industrial properties, Charlotte Industrial Park Portfolio and International Corporate Center, which closed on March 10, 2017. CBRE Charlotte’s Patrick Gildea, Anne Johnson and Bryan Crutcher represented both sellers, Artemis Real Estate Partners of Chevy Chase, Md. (Charlotte Industrial Park), and Coral Reef Development of Hialeah, Fla. (International Corporate Center). Boston’s Albany Road Real Estate Partners purchased both properties.
“The sale of Charlotte Industrial Park Portfolio and International Corporate Center highlights the strength and appeal of the Charlotte Industrial market,” said Patrick Gildea, Executive Vice President. “Industrial logistics are going to strengthen as supply chains continue evolving, paralleling the shortening delivery time requested by retailers.”
Charlotte Industrial Park Portfolio is a Class A office/warehouse and flex portfolio comprised of 13 buildings totaling 486,512 sq. ft. across four parks. The 95%-occupied portfolio is located in dynamic, high-growth submarkets within the Charlotte–Concord–Gastonia, NC–SC MSA. Notable tenants include Atlas Copco Compressors, Kohler, ScottsMiracle-Gro, Delta Apparel and WESCO Distributors.
The overall Charlotte Industrial market ended 2016 by posting the highest annual net absorption recorded in the market. Constructed in 2008–2009, the buildings represent the premier property type within each submarket. The properties were designed to accommodate various user types, which broaden their appeal within the marketplace.
International Corporate Center is one 89%-occupied building totaling 73,941 sq. ft. The property features a strong collection of tenants, anchored by United HealthCare Services, one of two primary operating divisions of UnitedHealth Group, the single largest health insurance carrier in the United States. Other tenants include Duke Energy and Schubert & Salzer.
Located within the prestigious International Business Park at Concord, International Corporate Center features highly desirable call center space, which is in demand within the Charlotte region. The property is located in Charlotte’s Northeast Industrial submarket, which as of Q4 2016 has six consecutive years of rising rental rates at a 3.8% annual increase.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
