Development

Beacon Partners buys South End building for $21.7 million

Park Avenue building at 1520 South Blvd.
Park Avenue building at 1520 South Blvd.

Beacon Partners has purchased the Park Avenue building in South End for $21.7 million, adding to Beacon’s holdings in the area.

The 92,222-square-foot building at 1520 South Blvd., adjacent to the Blue Line light rail, includes two floors of office space above ground-floor retail. The building is anchored by Carrabba’s, Beasley Media Group and Aveda Institute.

Beacon is also building 1616 Center, a five-story office building on Camden Road that’s expected to open later this year. And the company recently paid $10.1 million for a 3.4-acre site on South Tryon Street that’s currently occupied by industrial distributor HD Supply. Nearby, on East Morehead Street, Beacon is building a new office building next to the Dowd YMCA.

CBRE’s Charlotte office represented Park Avenue’s sellers, Ferncroft Capital and PRP, LLC.

Patrick Gildea led the sale.

“This offering presented a rare opportunity to buy a high-quality mixed-use asset in Charlotte’s strongest performing submarket, which continues to be one of the most challenging submarkets in which to buy commercial buildings given the scarcity of product,” said Gildea in a statement.

Ely Portillo: 704-358-5041, @ESPortillo

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