HIMCO Refis Charlotte Area Industrial Asset With $35M Loan
By Andrew Coen August 29, 2024 12:29 pm
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CIP Real Estate has secured a $35 million loan to refinance a North Carolina industrial development near Charlotte.
Hartford Investment Management Company (HIMCO) provided the loan on CIP’s International Corporate Center, a six-building industrial project in Concord, N.C. with another two buildings under construction that will span 147,467 square feet. Located at 725 Corporate Drive Northwest, the existing six-building development totals 200,831 square feet and is 92 percent leased to 12 tenants, according to CBRE (CBRE), which brokered the deal.
CIP Real Estate acquired International Corporate Center as part of a 13-property industrial acquisition in the Charlotte region from Boston-based Albany Road Real Estate Partners in June 2020.
CBRE arranged the debt transaction with a team led by Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder out of the firm’s debt and structured finance group in Atlanta.
Charlotte’s industrial market saw nearly 2.2 million square feet of net absorption during the second quarter of 2024, more than double the previous quarter, according to CBRE.
Officials at HIMCO and CIP Real Estate did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
