CBRE Trades Charlotte Office Building

By Laura Calugar

The 401 McCullough in Charlotte, N.C.

CBRE sold 401 McCullough, a vacant office building in Charlotte, N.C., through an auction. CBRE’s Patrick Gildea and Matt Smith represented the seller, the Miami-based LNR Partners. Tempus Realty Partners purchased the 191,681-square-foot asset for $12.3 million. 

Located within a mile of Interstate 85, four miles of Interstate 485 and walking distance to the Lynx Blue Line extension opening next year, 401 McCullough provides easy access to Charlotte’s CBD. The office building is just minutes from UNC Charlotte and Uptown Charlotte. Nearby amenities include Carolinas HealthCare System hospital, various hotels, retail and restaurant destinations.

Vacant since 2013

401 McCullough is one of only two Charlotte suburban office buildings offering a large block of contiguous vacancy over 170,000 square feet. Insurer Allstate Co. previously leased most of the three-story building before it moved to the Innovation Park, a 200-acre complex in Charlotte. The property sat vacant ever since.

Situated on more than 35 acres, the property allows for further development or expansions, including additional parking spaces or a covered parking facility. 401 McCullough features a mixture of open floorplans and executive offices.

“With very few sizeable vacancies remaining in the suburbs of Charlotte, 401 McCullough represents one of the only existing buildings that can accommodate a large expansion or relocation. Well positioned within Charlotte’s Northeast office submarket, which is experiencing strong fundamentals with a healthy 94 percent occupancy rate and has no new construction underway, the scarcity of space at 401 McCullough drove extremely strong interest from potential buyers, who were attracted to this rare redevelopment opportunity,” said Gildea, in prepared remarks.

Image via Google Earth