Charlotte, NC (February 11, 2015) – CBRE’s Charlotte office has finalized the sale of the Time Warner Cable Building in Charlotte, NC. CBRE’s Patrick Gildea led the sale.
The building is located in the thriving I-77 Corridor submarket and is 100-percent occupied. It consists of 113,600 sq. ft., and serves as a single-tenant call center, office and operations facility for Time Warner Cable. Initially built as 80,000 sq. ft. in 2001, and then expanded by 33,600 sq. ft. in 2004, the property sold in February 2015.
“We are seeing an increase in investor demand in the I-77 Corridor submarket, given the positive trendline over the last few years. Class-A vacancy has tightened considerably, and rental rates are expected to grow accordingly in the next couple of years,” Gildea said. “This sale in particular is indicative of a trend in which capital is aggressively pursuing single-tenant net-leased properties in the region.”
The I-77 Corridor submarket is experiencing its lowest vacancy since 2002, and the highest rental rate since 1995. Sitting at five consecutive quarters of positive absorption, the I-77 Corridor, home to the Time Warner Cable Building, is the second highest submarket among all Charlotte suburban submarkets.
Metro Charlotte continues to attract investors with its competitive low vacancy rates and overall low unemployment rate. The Charlotte metro’s 5.3-percent rate surpassed the overall national unemployment rate. Additionally, for eight consecutive quarters, rental rates in metro Charlotte have increased, illustrating the stability and upward mobility of the market. CBRE predicts that the market will continue to flourish, thus attracting more investors.
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.