CIP Real Estate adds third building at Charlotte's Whitehall Tech Center
Originally published in the Charlotte Business Journal on July,12, 2023
After acquiring a southwest Charlotte industrial park in 2020, a California-based real estate investment firm is adding a large building there.
CIP Real Estate began construction last month on Whitehall Tech III, the third building at Whitehall Tech Center. The new building will be 75,000 square feet and is expected to deliver in the first quarter. Whitehall Tech III is being designed for multi-tenant use and will have spaces ranging from 8,500 to 10,000 square feet available for lease.
The building will bring CIP Real Estate's total footprint at Whitehall Tech Center to around 280,000 square feet. The park's two existing buildings are 100% leased to 14 tenants.
“Whitehall Tech III will be a unique, brand-new, mid-bay industrial building located immediately adjacent to the I-485 outer belt," said Trinity Partners' Bill Wood, who is marketing the building on behalf of CIP Real Estate. "The building will feature high-end office finishes, superior warehouse features including drive-in and dock-high loading, and abundant power for both distribution and light manufacturing users. Whitehall Tech III represents a rare opportunity for smaller users seeking Class A+, first generation space in the Charlotte market.”
Myers & Chapman is the general contractor for Whitehall Tech III. WGM Design LLP is the designer for the project; construction financing was provided by Hartford Fire Insurance Co.
Irvine, California-based CIP Real Estate acquired the first two buildings at Whitehall Tech Center in June 2020 for $28 million, the Charlotte Business Journal previously reported. The industrial park is near Exit 1 of Interstate 485 and South Tryon Street. It is about 4 miles from I-485's intersection with I-77.
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