Whitehall Tech Heart. Picture courtesy of JLL
CIP Actual Property has secured financing within the quantity of $29.5 million for Whitehall Tech Heart, a three-building, 279,150-square-foot industrial park in Charlotte, N.C. Mecklenburg County information present that Hartford Funding Administration Co. supplied the three-year, floating-rate mortgage. JLL organized the deal on behalf of the borrower.
CIP initially acquired the property in April 2016, in a three way partnership with CrossHarbor Capital Companions. The asset was recapitalized in June 2020 with a $21.5 million mortgage from a life firm managed by World Atlantic Monetary Group.
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Positioned at 2745, 2915 and 2705 Whitehall Drive Park, the Class A, multi-tenant enterprise campus contains two current warehouses totaling 204,900 sq. ft, with a 3rd, 74,250-square-foot facility anticipated to interrupt floor within the second quarter of this 12 months. All buildings can have ESFR sprinkler methods, 20- to 28-foot clear heights and a complete of 57 dock-high doorways.
Whitehall Tech Heart is near interstates 77 and 485, 9 miles from Charlotte Douglas Worldwide Airport and 12 miles from downtown Charlotte. Tenants on the property embrace Guardian Pharmacy, DEX Imaging and BlueDot Medical, CommercialEdge information exhibits.
Charlotte sees rising industrial demand
JLL Govt Managing Director Kevin MacKenzie, along with Senior Administrators Taylor Alison and Peter Thompson, secured the financing for CIP Actual Property. In accordance with the corporate’s tenth annual U.S. Industrial Demand Research, Charlotte noticed a 31.4 p.c improve in industrial demand from 2021 to 2022, because of the present inhabitants development and enlargement of producing actions. The market’s proximity to the Port of Charleston and the Inland Port put Charlotte on the fifteenth place among the many U.S. metros.
Current initiatives within the space embrace Crow Holdings’ speculative improvement that may complete greater than 470,000 sq. ft of area when full. With Avison Younger tapped as unique leasing agent, the initiatives is anticipated to be accessible for occupancy in late 2023.
