As released by HFF
CHARLOTTE, NC – November 30, 2018 – HFF announces the $38.75 million sale of Coffey Creek International Business Center, a 15-building, shallow bay, light industrial park totaling 393,000 square feet in Charlotte, North Carolina.
The HFF team represented the seller, CIP Real Estate and Alex Brown Realty, Inc. Arden Group purchased the asset.
Situated on 38.62 acres, Coffey Creek International Business Center comprises 15 buildings located in a high-barriers-to-entry, infill location in Charlotte’s Airport Industrial submarket. The last-mile location places the portfolio 1.5 miles south of Charlotte Douglas International Airport and less than six miles from Uptown Charlotte, South End and Southpark. Completed between 1987 and 2001, Coffey Creek International Business Center is 92 percent leased to 65 tenants on a triple net lease basis. More than 75 existing suites feature clear heights ranging from 12 to 18 feet, dock-high loading positions in either a rear-load or cross-dock configuration (14 buildings) and varying truck court depths up to 200 feet.
The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell, director Patrick Nally and senior director Hunter Barron.
Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.
About CIP Real Estate
CIP Real Estate is a full-service real estate investment and management company focused on the acquisition, development, repositioning and management of office, business and industrial parks. Founded in 1995, CIP Real Estate has completed more than $1 billion in real estate transactions and owns and manages more than four million square feet of quality real estate throughout California, Nevada and North Carolina. For more information, please visit https://www.ciprealestate.com.
About Arden Group
Arden Group, headquartered in Philadelphia, is a discretionary real estate fund investment platform that acquires value-add hotels and Class A office properties in major U.S. markets. Since its founding in 1989, Arden Group has purchased $3.5 billion of real estate and has managed more than $5.5 billion of assets through its asset management platform.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.