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Northridge Capital acquired one of Charlotte's more distinctive office properties, Grinnell Water Works in Midtown, for $11.8M. The 52k SF building was built in 1930 and renovated in 2001. The historic brick-and-beam structure was originally a manufacturing facility, but redeveloped into one of Charlotte's first creative office properties during the '01 renovation.
Grinnell Water Works is a fine example of creative office, according to Cushman & Wakefield director Jared Londry. "It has a long history of high occupancy and strong tenancy as a result." The building is 100% occupied. Londry and managing director Rob Cochran repped the seller, Grinnell Partners, an entity affiliated with Insite Properties.
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“Having been involved with this asset since its original, pioneering renovation in 2001, I've seen the transformation of the area to a desirable and walkable neighborhood that's so appealing to tenants and investment groups,” Cochran said.
Grinnell Water Works was designated a Charlotte-Mecklenburg Historic Landmark in 2002 and was added to the National Registry of Historic Places during the next year.
SVP Brad Geiger and executive managing director Phil Mudd in Cushman & Wakefield’s Washington, DC, office originated acquisition financing for the sale. Insite Properties has been retained by Northridge Capital to lease and manage the property.
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