Charlotte, NC – November 9, 2016 - CBRE Group, Inc. is pleased to have arranged the sale of Carnegie VII & Ten, located at 5955 and 5605 Carnegie Blvd, respectively, in Charlotte, NC. Patrick Gildea, Will Yowell and Jay O’Meara exclusively represented the sellers, Carnegie Ten LLC, owned by Community Investments Foundation, a supporting organization of Foundation For The Carolinas; and Carnegie VII LLC, in the transaction. The portfolio sold to Boston-based AEW Capital Management, for $40,150,000 on November 8, 2016.
Carnegie VII & Ten are premier Class-A assets located in the SouthPark submarket, which is Charlotte’s most institutional submarket. SouthPark continues to experience strong growth and robust fundamentals—rental rates have increased 12.8% in the last year alone, and absorption over the last four quarters accounts for 23.2% of the total market absorption.
Patrick Gildea commented, “We are excited to see institutional buyers of AEW’s caliber making significant investments in the Charlotte office market. There have been very few core Class-A office sales in SouthPark in the current cycle. This sale is evidence of strong demand from high-quality capital sources.”
“We are proud that properties we developed and managed attracted an outstanding organization in AEW,” said Howard Bissell III, senior vice president and director, Bissell.
Anchor tenants include Citizens Bank, Enpro Industries, and Humana Insurance.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.