Charlotte, North Carolina

Colliers Pinkard, a full service commercial real estate firm in Charlotte, is pleased to announce the sale of the 240,760-square-foot portfolio of five
multi-tenanted flex buildings in South Point Business Park for a total sale price of $22,437,200. South Point Business Park is located off of Carowinds Boulevard in the southwest industrial market, the most popular industrial area in the Charlotte region with more than 52 million square feet or 28% of all flex and warehouse space.

Windsor Realty Fund VII (WRF-VII), a fund sponsored by General Investment & Development Company (GID), bought four buildings totaling 176,360 square feet and a tenant bought one building totaling 64,400 square feet. Rob Cochran, John Cashion and Keith Bell of Colliers Pinkard represented the owner, Carlson Real Estate Company in the sale.  Tom O’Brien at CBRE represented the tenant who purchased the single building.

“Despite the recent turmoil in the capital markets, prime real estate is still attractive. The sale of this portfolio is a good example”, said Rob Cochran of Colliers Pinkard.   “The South Point Portfolio offers Class A construction, strong occupancy levels, a great location, and a dynamic regional economy, all of which were attractive to GID.”

Carlson Real Estate Company purchased the 5 buildings as a part of 1.3 million square foot market-entry acquisition in the 4th quarter of 2006.  Carlson repositioned the South Point portfolio, which was 67% occupied when it was acquired, by executing a plan that included exterior building improvements, demolition of obsolete tenant improvements and construction of speculative suites.  The portfolio occupancy was 92% at the time the sales occurred.

“We are thrilled to complete the sale of our South Point portfolio.” stated Chris Kirby, Vice President of Carlson Real Estate Company “While we are committed to our presence in the Charlotte market for the long term, the completion of this value-add component of our initial acquisition is a significant achievement for us.”

Gary Kroll, Vice President of Real Estate Acquisitions for GID, commented "Our purchase in South Point Business Park is GID's second Charlotte flex/industrial purchase in as many months. This purchase, along with our purchase of Greylyn Business Park, will allow GID to have a sizeable presence in the Charlotte market. This asset squarely meets the target acquisition criteria for WRF-VII with its access to highway infrastructure, retail amenities, and labor pool. The demographic and employment growth of Charlotte keep it on our target market list and we look forward to further opportunities in this market.”

Carlson Real Estate Company is an affiliate of Carlson Companies, parent company of Radisson Hotels, T.G.I.Friday’s Restaurants, and other national and global businesses, and one of America’s largest privately held companies.  Carlson Real Estate Company is a three-time winner of CEL & Associates’ prestigious national ‘A List” award for outstanding customer satisfaction and as such, is dedicated to developing long-term client relationships by operating with caring and integrity and providing innovative and accommodating solutions.  Its portfolio of office and flex/industrial space concentrated in Minnesota, Arizona, and North Carolina exceeds 6 million combined square feet.  For more information about Carlson Real Estate Company, visit www.carlsonrealestate.biz.

The General Investment & Development Companies (GID), www.generalinvestment.com, founded in 1960, are privately-held, diversified companies with substantial interests in both residential apartment and other commercial real estate throughout the United States. GID is headquartered in Boston, Massachusetts, and its various affiliates operate nationwide. Over its history, GID has developed and acquired apartment, condominium, office, research & development and industrial properties. Today, GID and its affiliates' portfolios are invested in 17 states including over 11,000 apartment homes in 37 properties, 65,000 square feet of suburban office space in four office buildings and 50+ million square feet of flex industrial space in seventeen parks.

 Colliers Pinkard, an affiliate of Colliers International, is a leading commercial real estate firm in the mid-Atlantic region, with offices in Maryland and North Carolina.  The firm provides real estate solutions to its clients locally and globally. Areas of expertise include advisory services, corporate solutions, investment services and management services, as well as property and tenant representation.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,092 employees span the world in 267 offices in 57 countries. On a worldwide basis, Colliers manages 672,945,918 square feet, and has revenue of $US 1,620,958,349.

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