Charlotte, NC (MARCH 20, 2015) – CBRE’s Charlotte, NC, office has finalized the sale of the Owens Corning Building in Concord, NC. CBRE’s Patrick Gildea, Anne Johnson and Bryan Crutcher led the sale on behalf of the seller. The property sold on March 9, 2015, to Griffin Capital Essential Asset REIT II, Inc., a non-traded real estate investment trust sponsored by Griffin Capital Corporation.
The Owens Corning building is a Class-A industrial property consisting of 61,200 sq. ft. The property is under a long-term lease to Owens Corning, and is considered an integral part of the company’s national operations.
Situated in the Charlotte Northeast Industrial Submarket, the Owens Corning Building is directly accessible via I-85. In 2014, the Northeast submarket experienced the second-highest annual Charlotte market absorption rate with 490,000 sq. ft. absorbed. The Northeast submarket is also experiencing strong construction activity with approximately 800,000 sq. ft. of construction currently underway.
Patrick Gildea noted, ”Single-tenant assets with strong tenancy are being viewed as a safe haven in today’s low-interest-rate environment. These offerings are being pursued very competitively in the Carolinas right now.”
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 (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.