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Local, vacant office building sold for $12.3 million

A vacant office building called 401 McCullough was acquired by Tempus Realty Partners for $12.3 million on June 12, 2017.
A vacant office building called 401 McCullough was acquired by Tempus Realty Partners for $12.3 million on June 12, 2017. CBRE

One of Charlotte’s two suburban office buildings offering vacancy over 170,000 square feet has been sold, real estate brokerage CBRE said Tuesday.

The property, known as 401 McCullough, was acquired by Arkansas-based Tempus Realty Partners for $12.3 million on June 12. CBRE’s Patrick Gildea and Matt Smith represented the seller, Miami-based LNR Partners.

Within a mile of Interstate 85, 401 McCullough consists of 191,681 square feet of vacant space in Charlotte’s Northeast submarket, which boasts a 94 percent occupancy rate, according to Gildea. Positioned on more than 35 acres, the property could support further development or expansions, including additional parking spaces or a covered parking facility, according to CBRE spokesperson Bridgette Bonner.

“With very few sizable vacancies remaining in the suburbs of Charlotte, 401 McCullough represents one of the only existing buildings that can accommodate a large expansion or relocation,” Gildea said in a statement. “The scarcity of space at 401 McCullough drove extremely strong interest from potential buyers, who were attracted to this rare redevelopment opportunity.

Matt Kaminer: 704-358-5258, @MattKaminer

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