Charlotte, NC – December
19, 2016 - CBRE Group, Inc. announced
the sale of Forest Park II & III, located at 820 and 701 Forest Point Circle in Charlotte, NC. Patrick Gildea and Ralph Oldham exclusively
represented the seller, Greensboro, North Carolina-based Richardson Properties,
LLC, in the transaction. The portfolio sold to TerraCap Management, LLC on
December 16, 2016.
Forest Park II & III are premier garden office assets featuring ample
natural lighting via floor-to-ceiling glass on three sides of the buildings.
The portfolio boasts an above-market parking ratio of 6.33 spaces per 1,000
rentable square feet.
The properties are located in Charlotte's I-77
Corridor/Airport submarket, which has witnessed 15 consecutive quarters of
declining vacancy and 12 consecutive quarters of positive absorption. The submarket's
rental rate has decreased 13.4% in the past two years.
“We are pleased to help another out-of-town
investor enter the Charlotte market,” said Patrick Gildea, Executive Vice
President. “Positive momentum continues to develop in the Airport submarket.”
Tenants are Carolinas HealthCare System, Lash Group and Total Quality
About CBRE Group,
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.