By Timea Papp
CBRE brokered the sale of Monroe Business Park, a five-building mixed-use complex in the Oakhurst neighborhood of southeast Charlotte, N.C. Nova Capital Partners sold the property in a $6.8 million deal to an investment group affiliated with Charlotte-based Waters Inc. According to public records, South State Bank provided $4.6 million in acquisition financing to facilitate the transaction.
The new owner plans to upgrade the property and rebrand it as Oakhurst Commerce Centre. Additionally, Waters Inc. will provide property management and leasing services. Located at 4410, 4412, 4414, 4416 and 4420 Monroe Road, the business park encompasses five buildings completed between 1984 and 1986. Monroe Business Park features a mix of office/flex and warehouse space with a tenant roster that includes PPG Paints, Iron Tribe Fitness and Common Market’s newest location.
The CBRE team of Senior Associate Matt Smith, Executive Vice President Patrick Gildea and Capital Markets Operations Analyst Grayson Hawkins represented the seller in the transaction.
“The Oakhurst neighborhood has seen tremendous momentum in recent years and the Monroe Business Park transaction is a testament to that growth,” said Smith, in a prepared statement. “Monroe Business Park attracted interest from national investors, but drew particular excitement from local investors who understood the dynamics of the corridor.”
The property is adjacent to one of Waters Inc.’s self-storage facilities, The Mini Storage Center, and is visible to more than 23,500 vehicles passing daily. Earlier this month, CBRE arranged the sale of the tallest building in South Carolina. A joint venture partnership between M&J Wilkow and Intercontinental Real Estate Corp. sold Capitol Center to New York-based Hamilton Equity Partners.
Image courtesy of CBRE