{"id":1004452099,"date":"2020-05-27T05:00:05","date_gmt":"2020-05-27T13:00:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004452099"},"modified":"2020-05-27T05:05:52","modified_gmt":"2020-05-27T13:05:52","slug":"charlotte-commercial-real-estate-wrap-up-may-2020","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/charlotte-commercial-real-estate-wrap-up-may-2020\/","title":{"rendered":"Charlotte Commercial Real Estate Wrap-Up \u2013 May 2020"},"content":{"rendered":"
\"\"<\/a>

4200 Corning Place. Image courtesy of Cushman & Wakefield<\/i><\/p><\/div>\n

As North Carolina began to reopen and lift certain restrictions, real estate activity in Charlotte followed suit. Several major deals closed, particularly in the resilient industrial sector<\/a>, and some new developments look to be taking shape. However, the metro could still have a challenging road ahead, with the state reporting a significant spike in new COVID-19 cases just before Memorial Day weekend. Check out our May selection of Charlotte-must reads: <\/p>\n

1. DEAL \u2013 JLL facilitates sale-leaseback deal for Wilbert Plastic Services.<\/strong><\/p>\n

AIC Ventures paid $7.5 million<\/a> for the 126,400-square-foot facility, according to public records. The seller will continue to occupy the facility under a long-term absolute net lease. Located on 9 acres at 7301 Caldwell Road in Harrisburg, the single-story building was completed in 1990. The warehouse is 2 miles from Interstate 485 and 25 miles east of Wilbert’s headquarters in Belmont.<\/p>\n

2. LEASING \u2013 Cushman & Wakefield arranges industrial leases totaling 90,180 square feet.<\/strong><\/p>\n

The firm represented Dogwood Industrial Properties in the two agreements, bringing the 167,657-square-foot warehouse to full occupancy. Polygal will occupy 23,750 square feet and a Fortune 500 company will lease 66,430 square feet in the building. Completed in 1972, the facility sits on 7 acres at 5130 Hovis Road. The brokerage team included Eric Ridlehoover, Matt Treble and Patrick McGrath. <\/p>\n

3. DEAL \u2013 Beacon Capital closes $58.5 million Corning Optical HQ sale.<\/strong><\/p>\n

Crown Realty & Development purchased the 182,200-square-foot property<\/a> in an all-cash transaction. Located at 4200 Corning Place, the build-to-suit development delivered in the third quarter of 2019 with an estimated price tag of $38 million. Corning Optical occupies the asset under a lease expiring in 2034. Cushman & Wakefield assisted the seller in the deal.<\/p>\n

4. SUSTAINABILITY \u2013 Duke Energy, Charlotte authorities to develop solar farm.<\/strong><\/p>\n

The public-private partnership will join forces with Carolina Solar Energy and Ecoplexus to deliver a 35-megawatt solar farm in 2022, according to The Charlotte Weekly<\/em>. Under a 20-year power purchase agreement, Duke will provide zero-carbon energy for the metro. The solar farm’s site is along Tomlin Mill Road outside of Statesville. <\/p>\n

5. DEAL \u2013 Cousins Properties buys downtown parking garage for $85 million.<\/strong><\/p>\n

Arden Group sold the 11-story parking deck adjacent to the BB&T Center, according to Charlotte Business Journal<\/em>. The seller still owns the 570,601-square-foot office tower, which it acquired for $148.5 million in 2017. Located at 200 S. College St., the parking structure could potentially support future development of roughly 80,000 square feet of office, residential or hotel space.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cousins Properties pays $85 million for parking deck. Newly built suburban HQ trades for $58.5 million. Catch up with our May list of Charlotte must-knows.<\/p>\n","protected":false},"author":867,"featured_media":1004430136,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21783,21742],"tags":[48884,34128,33072,32799,33892,32796],"class_list":["post-1004452099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-investment","category-latest","tag-thewrapup","tag-beacon-capital-partners","tag-cousins-properties-inc","tag-cushman-wakefield","tag-duke-energy","tag-jll"],"acf":[],"yoast_head":"\nCharlotte Commercial Real Estate Wrap-Up \u2013 May 2020 - 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\/charlotte-commercial-real-estate-wrap-up-may-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charlotte Commercial Real Estate Wrap-Up \u2013 May 2020\" \/>\n<meta property=\"og:description\" content=\"Cousins Properties pays $85 million for parking deck. 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