A Charlotte research and development building has been sold to a California-based real estate investment trust called Rich Uncles for $11.6 million, in a deal that closed last week.
The Husqvarna facility at 8825 Statesville Road is the power equipment manufacturer’s headquarters for North American R&D operations. The almost-65,000 square foot building was built for Husqvarna in 2010, and includes offices, a prototype development and machining area and a testing facility.
Rich Uncles is a REIT that sells shares to the public, and offers investment opportunities for as little as $500. The company said Charlotte is in its top 15 markets for new acquisitions.
“The strong metrics in job growth rate, population growth rate and GDP growth rate make this location particularly attractive,” said David Perduk, Rich Uncle’s chief investment officer.
Patrick Gildea and Matt Smith of brokerage CBRE represented the seller, a New Jersey-based company. Gildea said investors are interested because office space in the area is scarce, meaning they’ll be able to raise rents.
“The north office submarket alone has experienced 10 straight quarters of declining vacancy and is expected to continue to decline with no buildings under construction,” said Gildea. “This will increase demand and allow landlords to push rates.”
A few blocks away, the Harris Corners office park was sold to an investor for $58.5 million last month.