Charlotte, NC (May 29, 2015) – CBRE’s Charlotte,
NC, office has finalized the sale of 77 Corporate Park in Charlotte, NC. CBRE’s
Patrick Gildea, Anne Johnson and Bryan Crutcher led the sale on behalf of the
seller, LNR Partners. The property sold on May 8, 2015, to San Francisco-based
Stockbridge Capital for $9,425,000.
77 Corporate Park is a 328,251-sq.-ft. flex industrial
park consisting of 13 buildings. Located within the Southwest submarket, 77
Corporate Park is within three miles of uptown Charlotte and is on the
southwest edge of South End, which is experiencing explosive growth.
The Southwest submarket is the largest submarket
within the Charlotte industrial market and has experienced 18 consecutive
months of positive absorption. The Southwest submarket has 7.8% rental rate growth
over the past 12 months.
Stockbridge Capital purchased the property as an
opportunistic investment, with the intent of repositioning the park in order to
According to Patrick Gildea, “This sale generated
a wide range of interest, from local developers interested in the long-term redevelopment
possibilities associated with this well-located site, to value-add fund buyers
interested in repositioning the existing real estate. With South End’s
continued growth, the prospects for this recently under-performing park are
Anchor tenants include The American Red Cross,
FASTSIGNS, Geoscience Group and Dress for Success.
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