Uptown Office Still In Demand. Here's Why.
The prospect of new office product in Uptown Charlotte and other core urban markets—about 1.8M SF in spec space is underway, according to Cushman & Wakefield—isn't deterring investors seeking office properties in the Charlotte CBD. The latest deal is the $30.5M trade of the Gateway Center.
HFF senior managing director Ryan Clutter says interest in the property was strong, "demonstrating the appeal and national attention Charlotte and the Carolinas are receiving from institutional investors."
Demand is keeping up with the prospective supply, and Uptown office vacancies are still below historic averages. Ryan, along with director Scot Humphrey, managing director Ralph Smalley and associate director Christopher Lingerfelt, repped the seller, KBS REIT.
KBS sold the 310k SF facility to GEM Realty Capital, based in Chicago. The building, part of Gateway Village, is on a 2.3-acre site between West Fourth and Trade streets. Bank of America and Johnson & Wales University are two of the building's main tenants; it's 90% leased.