By Eliza Theiss, Associate Editor
Beacon Partners and Morehead Properties, Inc. will merge their office portfolios in a move to meet the growing demand for urban infill office space. The merged entity will control office space valued at over $100 million. Expected to close in Q1 2015, the merger will create an office portfolio totaling 15 buildings and over 500,000 square feet in Charlotte’s booming SouthPark and Midtown submarkets. Beacon will take over leasing and management services for the expanded portfolio.
“Our office portfolios and our companies are both committed to creating value for our tenants in the Midtown and SouthPark areas,” said Mike Harrell, a partner at Beacon Partners. “This partnership with Morehead Properties will enable us to collaborate on the growth of our combined office portfolio through continued acquisition and development in urban infill markets,” he added.
“Our clients will have the same high level of service they’ve always experienced, and the combined portfolio will provide expanded flexibility for their future growth and changing office needs,” Morehead Properties Vice President Chris E. Moffat added. “This merger is mutually beneficial to our current and future tenants.”
Morehead Properties will bring six assets totaling 200,000 square feet into the new portfolio. This includes the historic Addison Building and Morehead Corporate Plaza, the company’s first acquisition and development. The company’s office assets, located on Morehead Street, boast free parking, walkability to residential and retail destinations and smooth access to Charlotte’s Uptown and interstates.
Beacon Partners will add eight office assets totaling over 300,000 square feet to the new portfolio. This includes 1616 Center, a 76,000-square-foot mixed-use project currently under construction on Camden Road. 1616 Center broke ground in October 2014 and is scheduled for completion in the fourth quarter of 2015. It will feature 68,899 square feet of office space and 10,220 square feet of street-level retail and restaurant space. The project aims to become a creative center of the dynamic South End neighborhood. It will boast amenities such as a private tenant parking deck, electric vehicle charging station, bikeshare program, access to the Lynx lightrail and rail trail, state-of-the-art private conference center, fitness center, public art and generous on-street parking.
Click here for additional Charlotte market data
Images courtesy of Beacon Partners and Morehead Properties