North Carolina has hired the Charlotte office of real estate firm CBRE to market and sell a former correctional facility near the city’s airport.
The state announced it was putting the 47-acre tract on the market last year, as part of a program to sell surplus properties, but no buyer has been found yet. Located at 4100 Meadow Oak Drive, near West Tyvola Road and the Billy Graham Parkway, the Charlotte Correctional Facility closed in 2011.
The tract is near several new developments, such as Sealed Air’s headquarters and a new VA hospital. The land is currently zoned for residential uses, including multifamily, and CBRE brokers said they expect it to “generate significant interest given the current level of market activity in the airport submarket.”
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“This partnership creates a unique opportunity to optimize the state’s real estate holdings,” said Compie Newman, managing director of CBRE’s Charlotte office, in a statement.
CBRE’s Hunter Barron, Frank Larsen and Steve Lowe will market the property.