{"id":1004195277,"date":"2017-10-27T07:08:02","date_gmt":"2017-10-27T15:08:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004195277"},"modified":"2022-12-07T19:35:42","modified_gmt":"2022-12-08T03:35:42","slug":"cbre-closes-sale-of-charlotte-business-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sale-of-charlotte-business-park\/","title":{"rendered":"CBRE Closes Sale of Charlotte Business Park"},"content":{"rendered":"

By Timea Papp<\/p>\n

\"Monroe<\/a>

Monroe Business Park<\/p><\/div>\n

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.<\/p>\n

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\u2019s newest location.<\/p>\n

Dynamic market<\/h2>\n

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.<\/p>\n

\u201cThe Oakhurst neighborhood has seen tremendous momentum in recent years and the Monroe Business Park transaction is a testament to that growth,\u201d<\/em> said Smith, in a prepared statement. \u201cMonroe Business Park attracted interest from national investors, but drew particular excitement from local investors who understood the dynamics of the corridor.\u201d<\/em><\/p>\n

The property is adjacent to one of Waters Inc.\u2019s self-storage facilities, The Mini Storage Center,\u00a0and is visible to more than 23,500 vehicles passing daily.\u00a0Earlier this month, CBRE arranged the sale of the tallest building in South Carolina<\/a>. A joint venture partnership between M&J Wilkow and Intercontinental Real Estate Corp. sold\u00a0Capitol Center to New York-based Hamilton Equity Partners.\u00a0<\/p>\n

Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The new owner plans to invest in multiple upgrades to the five-building property, including rebranding it as Oakhurst Commerce Centre.<\/p>\n","protected":false},"author":240,"featured_media":1004195279,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21743,21825,21783,21752,21742],"tags":[32789,37867,38106],"class_list":["post-1004195277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-deals","category-finance","category-investment","category-mixed-use","category-latest","tag-cbre","tag-patrick-gildea","tag-ppg-paints"],"acf":[],"yoast_head":"\nCBRE Closes Sale of Charlotte Business Park - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sale-of-charlotte-business-park\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Closes Sale of Charlotte Business Park\" \/>\n<meta property=\"og:description\" content=\"The new owner plans to invest in multiple upgrades to the five-building property, including rebranding it as Oakhurst Commerce Centre.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sale-of-charlotte-business-park\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-27T15:08:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T03:35:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/monroe-bus-park-ext4-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"4789\" \/>\n\t<meta property=\"og:image:height\" content=\"3592\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sale-of-charlotte-business-park\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cbre-closes-sale-of-charlotte-business-park\/\",\"name\":\"CBRE Closes Sale of Charlotte Business Park - 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