Development

University City office park sells for $19.8 million

Several office buildings in University City have been sold for $19.8 million, according to real estate records.

Mallard Creek Center, located on Cliff Cameron Drive near Mallard Creek Road and West W.T. Harris Boulevard, was purchased by Stream Realty Partners in a deal that closed Dec. 23. CBRE brokers Patrick Gildea, Will Yowell and Ralph Oldham represented the seller, a joint venture of CBRE Global Investors and the state of Utah.

“The University submarket has become one of the strongest in Charlotte throughout the last few years and we are pleased to see continued regional investment,” said Gildea, in a statement. Vacancy in the northeast submarket has fallen for 12 straight quarters, Gildea said, while rental rates increased 5.8 percent over the past year.

Mallard Creek Center totals nearly 260,000 square feet, with anchor tenants including Cognizant, Corus360, Farm Bureau Insurance and Securitas.

University City Partners has kicked off an effort to plan for a new future, centered around the JW Clay Boulevard light rail station at JW Clay and North Tryon streets. The first leg of the Blue Line, which opened in 2007 running from uptown to so

Ely Portillo: 704-358-5041, @ESPortillo

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