Whitehall Tech Center is a two-building, Class A mid-bay industrial and “flex” project located in the premier master-planned Whitehall development at the intersection of the 77 freeway and 485 beltway in Charlotte, NC, less than ten miles south of both Uptown Charlotte and Charlotte International Airport. CIP Real Estate LLC (“CIP”) acquired the 204,900 square foot project in its new investment program with Almanac Realty Investors in June 2020 for $28 million ($136 per s.f.) from a joint venture between CIP Real Estate and CrossHarbor Capital Partners. The Project is currently 50% occupied by eight tenants ranging in size from 6,400 s.f. to 20,100 s.f.
The Business Plan for Whitehall Tech Center includes several compelling value-added components, including the conversion of a 90,000 s.f. currently-vacant call center space into six mid-bay industrial units (ranging in size from 12,400 to 16,000 square feet) and, on the 7.52 acre call center parking lot site, either developing a “build-to-suit” third mid-bay industrial building or selling the parking lot site to a developer in the second year of ownership to perform the construction. CIP has allocated approximately $3.2 million to perform the interior upgrades for the 90,000 s.f. space.
These value-add elements, plus the opportunity to exit the project in multiple sales, made this a rare industrial purchase in the very strong Charlotte metro region.