Boston-based AEW Capital Management, which manages nearly $58B in assets worldwide—much of that real estate—snapped up Carnegie VII & Ten in the SouthPark submarket for a bit more than $40M.
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Institutional buyers of AEW's caliber are making significant investments in the Charlotte market, CBRE's Patrick Gildea tells us—when they can, because not that many core Class-A properties have come on the market recently, especially in SouthPark. "The sale is evidence of strong demand from high-quality capital sources," he says.
Community Investments Foundation, a supporting organization of Foundation For The Carolinas, sold Carnegie VII & Ten, with Patrick and colleagues Will Yowell and Jay O'Meara repping the seller. The properties are at 5955 and 5605 Carnegie Blvd.
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With its strong fundamentals, SouthPark has been attractive to institutional investors for a number of years, especially as Charlotte has gotten more national and international notice among investors. Rental rates in the area have increased 12.8% in the last 12 months, and absorption there represents almost a quarter of the entire Charlotte market in the last 12 months, according to CBRE data.
Anchor tenants at Carnegie VII & Ten include Citizens Bank, Enpro Industries and Humana Insurance.
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