Charlotte's CLT Logistics Center Sold for $46M

Minneapolis-based Meritex, a private real estate investment and management company, announced its first acquisition in the Charlotte, NC real estate market with the purchase of the industrial CLT Logistics Center for $46.3 million. In a deal brokered by CBRE, the 11 building industrial complex was sold by Carlson Real Estate. Terms of the sale were not disclosed, and it's unclear when Carlson originally acquired the property.

"This acquisition is in keeping with our strategy of investing in markets that provide opportunity for growth, expansion and diversification," said Dan Williams, chief investment officer for Meritex, in a press release. "The CLT Logistics Center comes with a sizable and diverse array of highly functional assets and excellent tenants. It also provides us with the opportunity to develop up to three modern industrial buildings totaling 200,000 square feet on the adjacent land site."

The 583,021 square foot complex at Yorkmont and International Drive includes a 14-acre land parcel ready for development. Each building features durable and attractive concrete tilt wall construction, 18-20 foot clear heights, full sprinkler system, truck-high loading docks and drive-in doors, and abundant parking. The property was 91% leased at the time of sale with major tenants including Bimbo Bakeries, FedEx and DC74 Data Centers. Foundry Commercial has been named the listing agent and property manager for CLT Logistics Center.

For more news and information visit Blumberg Partners.

CNL Plaza Sold for $168M

Piedmont-CNL Towers Orlando Owner LLC, a subsidiary of Piedmont Office Realty Trust, has purchased CNL Plaza in downtown Orlando for $167.8 million. The Georgia-based real estate group purchased the two towers from CNL Plaza LLC, a partnership that includes CNL Chairman Jim Seneff Jr. Also referred to as the CNL Center, terms of the sale of CNL Plaza I & II were not disclosed; Foundry Commercial, the Orlando-based brokerage firm, has the building portfolios available on their website.

The deal includes:

CNL Plaza I: A 14-story high-rise office tower that was built in 1999 at 450 S. Orange Ave. It has more than 332,000 square feet.
CNL Plaza II: A 12-story, 271,000-square-foot office tower at 420 S. Orange Ave. It was built in 2006.
CNL Plaza/City Hall parking garage: A seven-story parking garage at 460 Boone Ave . with nearly 612,000 gross square feet.
CNL Plaza II parking garage: A garage with nine floors and nearly 800,000 gross square feet.

Skybridges connect CNL Plaza I, CNL Plaza II and City Hall to the parking garage. The building is situated across from the Downtown Performing Arts Center and adjacent to City Hall, also across from the Grand Bohemian Hotel and free LYMMO stop. With this acquisition, and combined with its previous purchased of the SunTrust Center for $170 million this past November, Piedmont is slated to become one of downtown Orlando's biggest landlords with more than 1 million square feet of office space in the region's core business district.

For more news and information visit Blumberg Partners.