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. vacant call center space into six, state-of-the-art 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, developing a “build-to-suit” third mid-bay industrial building.
These value-add elements made this a rare industrial purchase in the very strong Charlotte metro region.