{"id":1004689317,"date":"2023-11-08T05:05:27","date_gmt":"2023-11-08T13:05:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004689317"},"modified":"2023-11-08T05:25:45","modified_gmt":"2023-11-08T13:25:45","slug":"walmart-occupied-office-building-changes-hands-in-charlotte","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/walmart-occupied-office-building-changes-hands-in-charlotte\/","title":{"rendered":"Walmart-Occupied Office Building Changes Hands in Charlotte"},"content":{"rendered":"
\"Three<\/a>

Three Water Ridge is part of an 11-building office campus. Image courtesy of CBRE<\/em><\/p><\/div>\n

AEW Capital Management <\/strong>has sold a 107,545-square-foot office building in Charlotte, N.C., to Perkins Fund LP<\/strong>. The asset, Three Water Ridge, was fully occupied by Walmart at the time of sale; the retailer has been a tenant at the property since 2015.<\/p>\n

AEW sold Three Water Ridge for $15 million, public records show, with the assistance of CBRE<\/strong>‘s Patrick Gildea, Matt Smith, Grayson Hawkins and Robert Hardaway. The property had previously traded in 2016 for $35 million.<\/p>\n

Standing five stories tall, Three Water Ridge came online in 1991 and underwent renovations in 2018, CommercialEdge data shows. The property is part of the 11-building Water Ridge Office Park, so tenants have access to three fitness centers, outdoor picnic areas, walking trails, 24\/7 security and a tenant lounge, among other amenities.<\/p>\n

Located at 2118 Water Ridge Parkway within the I-77 Corridor submarket, the property is close to Billy Graham Parkway and West Tyvola Road, across from the 170-acre City Park master-planned community. Downtown Charlotte is approximately 7 miles northeast, while Charlotte Douglas International Airport is 6 miles away.<\/p>\n

Office sales shrink in Charlotte<\/h2>\n

Only some 1.3 million square feet of office space have traded in Charlotte year-to-date as of September for a total of $179 million, according to a recent CommercialEdge report<\/a>. The sales volume was three times smaller than the one recorded in the same interval of 2022, when more than 3.9 million square feet changed hands.<\/p>\n

Assets sold, on average, for $161 per square foot. The price was nearly half the one recorded in 2022’s first three quarters and 18.7 percent smaller than the national average of $198 per square foot.<\/p>\n","protected":false},"excerpt":{"rendered":"

AEW sold the asset way below its acquisition price.<\/p>\n","protected":false},"author":3006,"featured_media":1004689318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21783,21742,21747,32781],"tags":[33758,32789],"class_list":["post-1004689317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-investment","category-latest","category-office","category-southeast","tag-aew-capital-management","tag-cbre"],"acf":[],"yoast_head":"\nWalmart-Occupied Office Building Changes Hands in Charlotte - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"At the time of the sale, the asset was fully occupied by Walmart offices. 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