GREENSBORO, NC-CIP Real Estate and Blue Vista Capital Management acquired the
Airport Distribution Center from Highwoods Properties for $12.3 million. Formerly known as the Chimney Rock Portfolio, the six-building complex includes about 836,500 square feet of warehouse and logistics space.

“We are focused on the Airport submarket—that’s the newest and most technical submarket,” Jared Rogers, regional director at Irvine, Calif.-based CIP Real Estate, tells GlobeSt.com. “We are less enthralled with the other submarkets. The further away we get from the airport, the less desirable the property.”

The Airport Distribution Center is located adjacent to the Piedmont Triad International Airport and major interstate highway systems. The submarket is home to new FedEx air and ground hubs, as well as a recently-completed Honda Jet facility. Current tenants include third-party logistics firm APL Logistics, fashion retailer Polo Ralph Lauren, and Carroll Tire Company.