A pair of industrial, office and showroom flex building developments has sold for $14.1 million.
Carolina Business Center and Waterford Center were both built in the 1980s and were owned by Mid-South Realty, a Charlotte-based company. An affiliate of Crown Property Group purchased Carolina Business Center (five buildings, 100,409 square feet on Queen Center Drive) and Faison bought Waterford Center (two buildings, 90,329 square feet on Clanton Road).
Cushman & Wakefield’s Charlotte office represented the seller.
“We elected to sell the assets on an individual basis because the aggregate pricing was ultimately higher as opposed to a portfolio disposition,” said Jared Londry, a Cushman & Wakefield associate vice president. “We were confident in both Faison and CPG’s ability to close the transactions, which gave us comfort in splitting up the portfolio.”
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Rob Cochran, senior managing director, said the market for flex space remains strong.
“We expect the office/flex vacancy to continue trending downward as supply remains scarce and more and more buildings in urban Charlotte are demolished and converted to alternative uses,” said Cochran.