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CHARLOTTE, NC-A joint venture of Irvine, CA-based CIP Real Estate and Baltimore-based Alex Brown Realty has acquired the 162,763-sf Interstate Business Park for $12.26 million. Located on Stuart Andrew Boulevard at the intersection of Clanton Road and Interstate 77, the property consists of nine single-story office/flex/warehouse buildings built between 1981 and 1984.

This is CIP Real Estate's first acquisition in the Southeast. "We've been looking at the Southeast, specifically Charlotte, for the last year," CIP principal Eric Smyth tells GlobeSt.com. "We own a lot of incubator/flex industrial parks, so this property fit the profile of what we've managed in the past."

CIP represented itself in the transaction. Ryan Clutter with CB Richard Ellis represented the seller, Norfolk, VA-based Charlotte Park Associates LLC, a subsidiary of CPA Investors LLC.Set on 15.2 acres, the project is about 72% occupied with major tenants including Nascar Images, Alvacor Inc., Pomeroy IT Solutions, CRA Services, the Johnson Group and Davidson Media Group. The property has 1,500 feet of frontage on Interstate 77 and is in close proximity to Interstates 485 and 85, the Charlotte Airport and Uptown Charlotte.

Plans for the property include improvements, including roof renovations, HVAC upgrades, repainting and new landscaping. Work will start immediately. Once completed by year's end, the property will be renamed Charlotte Commerce Center. With the capital improvement plan, CIP is hoping to increase occupancy levels and rents, Smyth says.

CIP Real Estate's wholly owned subsidiary, CIP Real Estate Property Services, will manage the project. Under this umbrella, CIP Real Estate will establish a satellite office at the property and will have a local team to manage it.

Smyth adds that the company is hoping to expand its presence in the Southeast. "We would like to expand our presence in Charlotte and other parts of the Carolinas, such as Raleigh and Winston-Salem," he says. "And then we'll move into other areas such as Atlanta, Virginia and Tennessee."

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