Charlotte, NC (October 13, 2015) – CBRE’s Charlotte,
NC, office has finalized the sale of Park Avenue in Charlotte, NC. CBRE’s
Patrick Gildea led the sale on behalf of the sellers, Ferncroft Capital and
PRP, LLC. The property, located at 1520 South Blvd., sold to Charlotte, NC-based
Beacon Partners for $21.7 million on October 8, 2015.
Park Avenue is a 92,222-square-foot mixed-use
asset consisting of one floor of retail space below two floors of office space.
Park Avenue is located immediately adjacent to the LYNX light rail on a highly
visible corner in the rapidly growing, trendy and affluent South End neighborhood.
Anchor tenants include Aveda Institute, Beasley
Media Group and Carrabba’s.
The building is a Class-A property positioned in the
Midtown submarket, one of Charlotte’s top-performing submarkets. The Midtown
submarket boasts the lowest office vacancy rates, which were 2% as of Q3 2015,
and the highest rental rates in the Charlotte market.
“This offering presented a rare opportunity to
buy a high-quality mixed-use asset in Charlotte’s strongest performing
submarket, which continues to be one of the most challenging submarkets in
which to buy commercial buildings given the scarcity of product. The interest
from a variety of investors was outstanding,” commented Patrick Gildea.
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 70,000 employees (excluding
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