{"id":1004584544,"date":"2022-06-08T02:51:24","date_gmt":"2022-06-08T10:51:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004584544"},"modified":"2022-12-08T21:24:43","modified_gmt":"2022-12-09T05:24:43","slug":"cbre-strategic-partners-buys-charlotte-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-strategic-partners-buys-charlotte-office-asset\/","title":{"rendered":"CBRE Investment Management Buys Charlotte Office Asset"},"content":{"rendered":"
\"CBRE<\/a>

The Line. Image courtesy of CBRE Investment Management<\/p><\/div>\n

CBRE Investment Management<\/strong>\u2019s CBRE Strategic Partners U.S. Value 9 has added The Line, a newly developed office asset in Charlotte, N.C., to its portfolio.<\/p>\n

In a joint venture agreement with Portman Holdings<\/strong>, developer of the approximately 314,000-square-foot responsive office building, CBRE Investment Management acquired The Line for an undisclosed amount. According to notes from an RFQ Portman submitted in late 2021 for another project in North Carolina, the office property cost $155 million to develop.<\/p>\n

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READ ALSO<\/strong>: The Future of Office: Is CRE Out of Touch?<\/a><\/p>\n

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Located at 2151 Hawkins St. in Charlotte\u2019s burgeoning South End neighborhood, The Line occupies a 2-acre site that Portman purchased in 2018 in a then-historic transaction of $12.7 million, or $470 per square foot. The 16-story tower, a partnership endeavor with National Real Estate Advisors<\/strong> in the role of owner, delivered in late 2021 with the assistance of a $95.6 million construction loan through PCCP<\/strong>.<\/p>\n

The Line encompasses roughly 290,000 square feet of premier office space, 24,000 square feet of retail offerings and a host of extras within close proximity of light rail. Boasting features ranging from LEED Silver and Fitwel certifications, touchless elements and electric car charging stations, the Gensler<\/strong>-designed The Line is a paradigm of the post-pandemic modern workplace. And as a responsive and productive office property<\/a>, it anticipates the needs of its users and sets the stage for a more productive workforce. The Line appears well-positioned to find an audience in the transitioning office world.<\/p>\n

What workers want<\/strong><\/h2>\n

With the pandemic not quite in the rearview mirror, there are few markets in the U.S. where tenants are clamoring for office space, but CBRE Investment Management, formerly CBRE Global Investors<\/strong>, is undaunted by the prospect of leasing up The Line. After all, Value 9, which completed its final closing<\/a> in August 2021 with $2.3 billion of equity commitments for a total purchasing power of $5.6 billion, is a value-added fund. And The Line has a few pluses on its side in terms of luring would-be office users.<\/p>\n

\u201cWe believe The Line will be attractive to tenants as it offers the right user experience and is in the right location,\u201d Sondra Wenger, head of Americas Commercial Operator Division for CBRE Investment Management, told Commercial Property Executive<\/em>.<\/p>\n

\u201cThe property offers sophisticated amenities, including plenty of shared spaces\u2014such as a sky lobby, open-air plaza and green lawn\u2014the latest in technology, and a focus on health and wellness. In addition, within a three-block radius to The Line, there are 28 restaurants, 13 retailers, six bars, five coffee shops, two grocery stores, the Rail Trail and almost 3,000 multifamily units, making the neighborhood the property\u2019s strongest amenity.\u201d<\/p>\n

Despite Charlotte\u2019s lackluster office conditions\u2014the vacancy rate was 17.2 percent in the first quarter of 2022 and the market recorded approximately 360,000 square feet of negative net absorption, according to a CBRE<\/strong> report\u2014the flight to quality is spurring strong leasing activity in the metro. Additionally, at 10.4 percent, the South End had one of the lowest vacancy rates of all the submarkets in Charlotte in the first quarter of 2022, and it is also one of the few submarkets that recorded positive net absorption in the first three months of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a joint venture with Portman Holdings, the firm acquired a newly developed property in the South End neighborhood.<\/p>\n","protected":false},"author":969,"featured_media":1004584569,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21783,21742,21747],"tags":[32789,51518,33012,33606,33053,33858],"class_list":["post-1004584544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-investment","category-latest","category-office","tag-cbre","tag-cbre-investment-management-fund","tag-gensler","tag-national-real-estate-advisors","tag-pccp-llc","tag-portman-holdings-llc"],"acf":[],"yoast_head":"\nCBRE Investment Management Buys Charlotte Office Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"CBRE Investment Management\u2019s CBRE Strategic Partners U.S. Value 9 has acquired The Line, a newly developed office asset in Charlotte, N.C.\" \/>\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-strategic-partners-buys-charlotte-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Investment Management Buys Charlotte Office Asset\" \/>\n<meta property=\"og:description\" content=\"CBRE Investment Management\u2019s CBRE Strategic Partners U.S. Value 9 has acquired The Line, a newly developed office asset in Charlotte, N.C.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-strategic-partners-buys-charlotte-office-asset\/\" \/>\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=\"2022-06-08T10:51:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:24:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/The-Line-2151-Hawkins-St.-Charlotte-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"797\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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-strategic-partners-buys-charlotte-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cbre-strategic-partners-buys-charlotte-office-asset\/\",\"name\":\"CBRE Investment Management Buys Charlotte Office Asset - 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