Investors Eager For Stable Buildings In Stable Submarkets
Even in strong markets like Charlotte, property investors are a little jittery about the future of the economy. Increasingly prized is a property's—and a local market's—stability, according to Cushman & Wakefield associate VP Jared Londry.
Recently Jared and colleague Rob Cochran, a senior managing director, repped Lincoln Charlotte Office, a Grubb Properties entity, in its sale of the 25k SF SunTrust Bank Building (3315 Springbank Lane) in Charlotte’s Arboretum area.
The building, Jared tells us, is a good example of what many investors are seeking in the market—quality but also stability. “The building, and the seven buildings surrounding it, have collectively averaged 92% occupancy over the past 10 years," he points out. Investors were attracted to the historic consistency of demand in the submarket and the long-term prospects to continue that trend.
The building’s location along Providence Road and across the street from the Arboretum Shopping Center is also good for office and medical office users seeking high traffic counts and nearby amenities, notes Rob.
Family Video Employees LLC acquired the building for $5.4M, or $212/SF. The property, developed in 2000, is 91% leased. Insite Properties' Jay Blanton and Bart Murr repped the buyer.