Charlotte Commercial Real Estate Wrap-Up – October 2020

Nuveen buys industrial asset in $272 million deal. Office project commences at Vantage South End. Read our October selection of Charlotte must-knows.

Novant Health Claudia W. and John M. Belk Heart & Vascular Institute and Agnes B. and Edward I. Weisiger Cancer Institute. Image courtesy of Novant Health

Charlotte’s commercial real estate activity began to pick up in October, following some easing of restrictions at the state level. In line with national trends, several notable industrial transactions closed through the month, but even the office sector saw significant movement, both in terms of deals and developments, underscoring the metro’s importance as a fintech hub. Here’s our October list of Charlotte must-reads:

1. DEAL – Nuveen buys industrial park in $272 million deal.

McCraney Property Co. and Northwestern Mutual sold the three-building, 350,687-square-foot Airport South Business Park, together with five other warehouses in Florida and Georgia, according to Charlotte Business Journal. McCraney purchased 54 acres for the Airport South project in 2017. Initial plans called for six buildings, but only three moved forward. Located at the intersection of West Boulevard and Billy Graham Parkway, the property is less than 3 miles southeast of Charlotte Douglas International Airport.

2. DEVELOPMENT – Second tower breaks ground at Vantage South End.

The Spectrum Cos. started work on the 286,000-square-foot office project within the 5-acre, mixed-use development that will link Uptown and South End. Completion is slated for early 2022. The wider, $300 million Vantage South End development broke ground in July 2019 and will include 580,000 square feet of office space, 55,000 square feet of experiential retail, a 1-acre urban park with event space and a 200-key boutique hotel at full build-out.

3. DEAL – Northwood Investors pays $90 million for mixed-use Midtown asset.

The company purchased the three-building, 342,233-square-foot Metropolitan Midtown through affiliated funds, with MetLife providing $61 million in financing. The Class A property at 1111 Metropolitan Ave. encompasses 170,589 square feet of office space, a 171,644-square-foot retail component, 101 residential condominiums and a 1,110-space parking structure, as well as a 1.3-acre development lot. JLL represented the seller, JPMorgan Asset Management, and sourced the new owner’s acquisition financing.

4. DEVELOPMENT – Outpatient facility opens near Novant Health Presbyterian.

Novant Health completed the $165.9 million Novant Health Claudia W. and John M. Belk Heart & Vascular Institute and the Agnes B. and Edward I. Weisiger Cancer Institute. Vannoy Construction broke ground on the 260,000-square-foot building in late 2018, with McCulloch England Associates serving as architect. The seven-story facility at 125 Queens Road is linked to the adjacent medical center through an enclosed walkway spanning East Fourth Street.

5. DEAL – Lightstone acquires distribution facility.

The company paid Clarius Partners $34 million for the 400,000-square-foot property at 7800 Tuckaseegee Road. The recently delivered warehouse is 50 percent leased to Power Distributors and will be rebranded as Lightstone Logistics Center. The asset is near the intersection of interstates 85 and 485, less than 2 miles north of the airport. The facility features 36-foot clear heights, 70 dock doors and nearly 400 parking spaces for cars and trailers. Avison Young represented Clarius, while JLL secured the buyer’s acquisition financing.

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