Charlotte Monthly CRE Wrap-Up (Feb. 2020)

Ally Charlotte Center. Image courtesy of Crescent Communities

The metro’s economy is advancing at a fast rate, and the city stands to transform even further as work on a five-year, $600 million expansion project at Charlotte Douglas International Airport gets underway. In February, the metro buzzed with activity, as a financial services company inked a major lease agreement and Exeter Property Group kicked off an industrial project at a former prison site. Here is our February selection of notable real estate moves in Charlotte: 

1. DEAL – Bridge Investment makes $46.3 million suburban office buy.

Angelo Gordon sold LakePointe Corporate Center 3 and 5 in the 227,000-square-foot portfolio deal. The seller had finished $1.6 million in renovation work last year. Located at 3730 and 3735 Glen Lake Drive, the properties were completed between 2001 and 2006. Angelo Gordon had purchased the two buildings in 2017 from Starwood Property Trust as part of a 1.3 million-square-foot portfolio transaction spanning four states.

2. DEVELOPMENT – Exeter Property kicks off construction at former prison site.

The developer broke ground on Meadow Oak Commerce Center, which will encompass 523,000 square feet across two flex buildings, according to Charlotte Business Journal. Located on 48 acres at 4101 Meadow Oak Drive, the site is roughly 5 miles from Charlotte Douglas International Airport. Landmark Builders is the general contractor for the McMillan Pazdan Smith-designed development. In January, Exeter paid Transwestern $19.1 million for a newly constructed facility 5 miles from O’Hare in Chicago.

3. LEASING – Ally Financial inks Uptown lease expansion.

Less than three years after committing to 400,000 square feet within Crescent Communities’ Ally Charlotte Center, the bank inked an agreement to occupy the remaining space within the 725,000-square-foot high-rise development. In addition to Ally, the owner will occupy part of the building at 601 S. Tryon St. Apart from its office component, the tower will have retail space, a public plaza and more than 1,400 parking spaces upon completion in 2021.

4. DEAL – Prime Group Holdings pays $9.2 million for self storage asset.

A private investor sold CrossTrax Self Storage, a 116,350-square-foot facility at 9400 Bob Beatty Road. The Storage Acquisition Group facilitated the deal, and LMF Commercial provided the buyer with financing. Located on 12 acres, the 666-unit property is 1 mile south of Interstate 485 and was completed in five phases between 1997 and 2016. 

5. DEAL – Gladstone Commercial trades Southpark office building.

Exeter Property Group purchased the vacant, 67,949-square-foot property for $4.1 million, according to public records. Located at 5815 Westpark Drive on a 4-acre parcel, the building opened its doors in 1984. The new owner plans to upgrade the assets with the addition of new amenities, outdoor common areas and exterior renovations. JLL Capital Markets negotiated the off-market transaction on behalf of the seller.