Charlotte, NC – Parker Poe Adams & Bernstein LLP is pleased to announce that it advised Childress Klein, a prominent Charlotte and Atlanta based real estate company, on the sale of a majority stake in a portion of its Carolinas industrial portfolio having a value of $575 million.
Led by Charlotte partner Jimmy Greene, Parker Poe represented Childress Klein on the recapitalization of its 13.2 million square foot industrial portfolio and sale of a majority interest in a portion of the portfolio comprised of 21 buildings in Charlotte and Charleston, South Carolina — to INDUS Realty Trust Inc., a New York-based logistics real estate company. The INDUS transaction resulted in a joint venture for the 21 buildings in the Carolinas portfolio, with Childress Klein retaining a minority ownership stake and continuing to manage and lease the properties.
Once INDUS was selected as the buyer, the firm advised on the term sheet for the deal and negotiated the joint venture agreement, the purchase agreement, and debt for the portfolio. The joint venture negotiations also involved several complex real estate investment trust (REIT) related issues.
The team at Parker Poe collaborated across corporate structuring and tax components of the deal. It involved Stephen Wynne, Dylan Ray, Scott Manning, Skip Smart, Jon Altstadter, Kevin Gottehrer, and Landon Whitley.
"We were proud to assist Childress Klein in this complex and nuanced deal that not only restructured these 21 properties for a packaged sale of a majority interest to a buyer, but simplified our client’s overall industrial portfolio," Jimmy said.
About Parker Poe
Parker Poe Adams & Bernstein LLP has more than 275 lawyers in eight offices in North Carolina, South Carolina, Georgia, and Washington, DC. The firm provides legal counsel to many of the largest companies and local governments in the Southeast.
Parker Poe is a member of two leading international legal networks: TerraLex and the Employment Law Alliance. TerraLex and the ELA have chosen Parker Poe to help guide clients through the challenges of global business.