Griffin Partners Buys Charlotte Office Buildings

A partnership between Intercontinental Real Estate Corp. and Spectrum Cos. sold the two assets.

6526 Carnegie Blvd. Image courtesy of JLL Capital Markets

Two newly renovated office buildings in Charlotte, N.C., sold to Griffin Partners for $50.9 million. JLL Capital Markets represented the seller, a partnership between Intercontinental Real Estate Corp. and Spectrum Cos. Carnegie and Roxborough, totaling 179,242 square feet, previously traded for a combined $35.5 million in 2016, CommercialEdge data shows.

The neighboring assets are in Charlotte’s SouthPark submarket. The 115,442-square-foot Carnegie rises five stories at 6525 Carnegie Blvd.; the second building, at 1901 Roxborough Road, is 63,800 square feet and four stories.

The properties were 88.4 percent leased at the time of sale to a mix of real estate, finance, engineering and construction companies, among others. One of the tenants is Movement Mortgage, which leased some 20,000 square feet at Roxborough in the second quarter of 2022, according to a Cushman & Wakefield report.

Situated roughly 6 miles south of downtown Charlotte, Carnegie and Roxborough are across the street from SouthPark Mall, having access to some 3 million square feet of grocery stores, restaurants and retail options. More than 2,500 multifamily units, several hotels and other office and mixed-use spaces are also nearby.

JLL Senior Managing Director Ryan Clutter and Director Daniel Flynn represented the seller.

Sold in a high-demand area

The Charlotte office sector is increasing in investor demand, with leasing activity accelerating in quarter two of 2022, according to a report by Avison Young. Office leasing activity was up 26 percent year-over-year as of June, the same report shows.

The Bank of London recently announced it will be locating its U.S. Global Platform and Services headquarters in Charlotte. Construction on a new 415,000-square-foot office tower, set to be a 24-story high-rise, has commenced in the area as well.

In the SouthPark submarket, Equus Capital sold The Rotunda, a Class A Office building totaling 234,670 square feet. The property is 1 mile away from Carnegie and Roxborough.

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