Investors Still Want Urban Infill In Charlotte
Charlotte might be going through a difficult patch, but office property investors are looking at the long run, and still on the hunt for well-located properties. ICM Realty Group recently snapped up the 107k SF 6101 Carnegie Blvd for more than $24M.
HFF senior managing director Ryan Clutter, who brokered the deal with director Scot Humphrey, says office rents have risen significantly over the last few years throughout Charlotte. "In urban infill locations like SouthPark, the trend has been even more pronounced. This favorable dynamic is very attractive to investors."
Across the street from the SouthPark Mall, the five-story property is 88% leased. Its tenant roster includes Morgan Stanley/Smith Barney, United Health Care, Zurich and Reliance Standard Life Insurance. "We believe the market fundamentals in Charlotte will remain strong into 2017 and capital will continue to flow into the city seeking quality investments,” Ryan says.