An office building in south Charlotte that’s home to two corporate headquarters has sold, according to a release from real estate services firm Cushman & Wakefield.
Florida-based Adler Real Estate Partners purchased the five-story building on Little Avenue off of N.C. 51 last week, according to the release from Cushman & Wakefield, which arranged the sale. The firm did not disclose the sale price.
The 89,760-square-foot building is home to the headquarters for DAK Americas, a global supplier of polyester ingredients, as well as technology firm SeedSpark. There are 15 other tenants in the building, according to the release.
The building, called Quail Plaza, was most recently purchased by an affiliate of Texas-based firm TriGate Capital in 2015 for $9.6 million, property records show. Quail Plaza, built in 1984, was renovated in 2015, the release said.
Jared Londry, director of capital markets at Cushman & Wakefield, said in the release that TriGate Capital invested in the property to help make it competitive for office tenants seeking space in the region.
“Office tenants have become more fluid between south Charlotte, Ballantyne, and SouthPark as rates have increased across the city, positioning newly renovated assets like Quail Plaza as a compelling option if and when space becomes available,” he said in the release.
South Charlotte’s office market is growing, data show. A report from commercial real estate services firm JLL found that there were 347,831 square feet of office space under construction in the N.C. 51/Ballantyne area in the first quarter of 2019.
According to the release from Cushman & Wakefield, office rents have jumped as much as 50% for renovated buildings in the last five years in south Charlotte’s submarket. Londry said in the release that walkable amenities, access to top schools and other factors make the area attractive to tenants.
“We expect this area to see further growth and investment in the decades ahead as south Charlotte continues to be a top destination for residents and corporations alike,” he said.