Development

Pair of SouthPark office buildings sold for almost $40.2 million

A pair of office buildings on Carnegie Boulevard have been sold for $40.15 million, according to CBRE, the brokers who represented the sellers in the deal.

The sale to Boston-based AEW Capital Management closed on Tuesday, CBRE said. The buildings, Carnegie VII and Carnegie Ten, are anchored by tenants including Citizens Bank, Enpro Industries and Humana Insurance. They’re adjacent to Piedmont Row, and a block from SouthPark mall.

The buildings were sold by the Community Investments Foundation, affiliated with the Foundation for the Carolinas, and a company affiliated with developer Bissell.

“We are excited to see institutional buyers of AEW’s caliber making significant investments in the Charlotte office market,” said Patrick Gildea, a CBRE broker who represented the sellers. “There have been very few core Class-A office sales in SouthPark in the current cycle. This sale is evidence of strong demand from high-quality capital sources.”

Rental rates in SouthPark are up 12.8 percent in the past year, CBRE said.

“We are proud that properties we developed and managed attracted an outstanding organization in AEW,” said Howard Bissell III, senior vice president and director of Bissell, in a statement.

Ely Portillo: 704-358-5041, @ESPortillo

  Comments