Charlotte Commercial Real Estate Wrap-Up – August 2020
JLL closes industrial portfolio sale. Crescent Communities begins mixed-use project. Read our August selection of Charlotte must-knows.
Even while COVID-19 cases climbed at the end of August, state authorities in North Carolina made moves to gradually allow for the reopening of some businesses. Governor Roy Cooper introduced a plan to allow for a limited reopening of gyms, bowling alleys, museums and aquariums prior to Labor Day weekend.
Charlotte faced particular challenges in August. The city hosted the Republican National Convention, which raised questions about how to organize political gatherings in a time of social distancing. The metro’s commercial real estate saw an appreciation in activity over the past month, with developments moving forward and sales closing across a variety of sectors. Here’s our August list of Charlotte must-reads:
1. DEAL – JLL completes sale of four-building Mooresville industrial portfolio.
The brokerage represented the seller, Corporate Center Properties. RealOp Investments acquired Oates Crossing, which totals 235,400 square feet, for $31.7 million. Developed by the seller in 2005 and expanded in 2018, the buildings are home to 13 tenants. Located at 105 and 115 Corporate Center Drive and 120 and 128 Talbert Road, the Class A portfolio is just off Interstate 77.
2. DEVELOPMENT – The Kessler Collection opens 254-key downtown hotel.
Grand Bohemian Hotel Charlotte includes 32 suites and features amenities such as a spa, executive lounge, open-kitchen restaurant and rooftop bar. The hospitality asset has more than 16,000 square feet of versatile event space and 4,400 square feet of outdoor space. Located at 201 W. Trade St., the new property is within walking distance of Bechtler Museum of Modern Art.
3. DEVELOPMENT – CrossRidge Development breaks ground on Class A office building.
CrossRidge One is a 120,000-square-foot project within CrossRidge Center, a 190-acre campus in Indian Land, S.C. Edifice is the general contractor, and Perkins Eastman is providing architectural services. JLL will handle leasing at the property, scheduled to deliver in 2021. The larger development is anchored by a new, 78,000-square-foot YMCA multiplex, slated for completion in September. The campus’ site also includes an existing office building and a 32,000-square-foot event center.
4. DEAL – Flagship Healthcare Properties acquires two suburban MOBs.
The first property, the 55,912-square-foot Tate Medical Commons IV at 1501 Tate Blvd. SE in Hickory, traded for $14.6 million. The buyer financed the deal with an $8.5 million loan from First Horizon Bank, according to public records. Huntersville Medical Plaza, a 26,166-square-foot Class A property built in 2009, sold for $6.3 million. Atlantic Union Bank provided $5.6 million in acquisition financing. CBRE brokered the deal for the building, located at 17220 Northcross Drive in Huntersville.
5. LEASING – Conterra Networks inks office park lease.
Cushman & Wakefield arranged the 21,000-square-foot full-building lease at thExchange on behalf of the tenant. CBRE assisted The Dilweg Cos., the owner of the 14-building, 600,000-square-foot park. The property is located alongside Interstate 77 at Tyvola Road. Conterra plans to move into its new space at 5301 77 Center Drive in early 2021.
6. DEVELOPMENT – Crescent Communities breaks ground on mixed-use property.
Elizabeth on Seventh is a 103,500-square-foot project in partnership with Faison Enterprises. Truist is providing construction financing. The property will include speculative office, marketed by JLL, and ground-floor retail space. Located at the intersection of East Seventh Street and North Caswell Road, the site is 2 miles from downtown Charlotte.