The Grinnell Water Works building on West Morehead Street has been sold for $11.8 million, real estate brokers said Thursday.
The brick-and-beam building, built in 1930, totals almost 52,000 square feet and includes many features dating to its past life. The building has exposed brick, oversized industrial windows and ceilings 25 to 30 feet high. It’s 100 percent leased.
Charlotte-based Insite Properties the office building in 2011 for $6.95 million, real estate records show. Cushman & Wakefield Managing Director Rob Cochran and Director Jared Londry represented the seller. The building was acquired by Northridge Capital, a Washington, D.C.-based real estate firm.
“Having been involved with this asset since its original, pioneering renovation in 2001, I have seen the transformation of this area to an extremely desirable, mixed-use and walkable neighborhood that is so appealing to many tenants and investment groups today,” said Cochran, in a statement.
Londry said there had been high interest in the building, and that retro office space is in high demand from both tenants and investors.
“Grinnell Water Works is the best example of creative office space in Charlotte. It has a long history of high occupancy and strong tenancy as a result,” said Londry.
Insite Properties has been retained to lease and manage the property.