As released by CBRE
CHARLOTTE, NC, January 7, 2019
CBRE’s Capital Markets team has facilitated the sale of Lake Norman Commerce Center (Lake Norman) and Hickory Grove Business Park (Hickory Grove), a portfolio of two office/ warehouse properties in Charlotte, NC, totaling 202,066 sq. ft. Lake Norman is a seven-building 92,049-sq.ft. park on 9.3 acres. Hickory Grove is an 11-buiulding complex that encompasses 110,017 sq. ft. of space on 17.8 acres. Charlotte-based Crown Property Group, LLC, acquired the portfolio for $20.175 million.
CBRE’s Patrick Gildea, Matt Smith, Bryan Crutcher, and Anne Johnson represented the seller, a joint venture of CIP Real Estate and Alex. Brown Realty, Inc., in the transaction.
“Industrial product is becoming increasingly more competitive, particularly in scale. the interest in this portfolio was robust from capital sources spread across the U.S.”, said Mr. Gildea, executive vice president at CBRE.
The assets offer diversity in location throughout the Charlotte region. Located at 20464-20488 Chartwell Center Drive in Cornelius, NC, Lake Norman is currently 92% occupied. It is situated within one of the most affluent regions of Charlotte, the North submarket, and is within 30 minutes of major amenities such as the Charlotte Douglas Airport and Uptown. Hickory Grove, which is currently 94% occupied, is located in the high growth East submarket at 6600-6654 E. W.T. Harris Blvd.
Current tenancy at Lake Norman includes software firm Vector Vest (13,825 sq. ft.), Jacuzzi (5,078 sq. ft.), and ceiling fan company Hunter (3,612 sq. ft.) Hickory Grove’s tenant roster includes escape room experience the Box (2,018 sq. ft.), RSM (3,044 sq. ft.), and real estate investment form Dasmen Residential (2,541 sq. ft.).
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 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.