CBRE Arranges $66 Million in Loans for Two Charlotte Metro Industrial Deals

CBRE has arranged two loans worth $66 million for the refinancing of two separate industrial portfolios in the Charlotte, North Carolina metropolitan area.

Brian Linnihan, Mike Ryan, Richard Henry, and Taylor Crowder with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the CIP Real Estate in both deals. A $35 million loan was secured through HIMCO while a $31 million loan was secured through a national bank.

"CIP Real Estate demonstrated their keen market awareness by seizing the opportunity to refinance two exceptional industrial portfolios in the thriving Charlotte metro area," said Mr. Linnihan, vice chairman with CBRE in Atlanta. "We are proud to have worked with them and look forward to future collaborations."

The larger of the two loans was secured for the refinancing of International Corporate Center, a six-building industrial project located in Concord, North Carolina and the construction of two industrial buildings totaling 147,467 square feet. Located near the intersection of International and Corporate drives, International Corporate Center totals 200,831 square feet (not including new development), is home to 12 tenants, and was 92% leased at the time of the loan funding.

The $31 million loan was secured for the acquisition of a seven-building, 334,989-square-foot industrial portfolio also in the Charlotte metropolitan area. Three different industrial developments made up the portfolio, which was 99% leased to 12 tenants. They include 77 Overlook, a three-building, 216,977-sq.-ft., Class A development in Charlotte, NC; Lakefield Corporate Center, a three-building, 74,920-sq.-ft. development located in Mooresville, NC; and Southcross Corporate Center, a 43,092-sq.-ft. warehouse in Rock Hill, South Carolina.

Nearly 2.2 million sq. ft. of positive net absorption was recorded in Charlotte’s industrial market during the second quarter of 2024, more than double that of last quarter. The market’s total industrial footprint currently stands at more than 296 million sq. ft.