A private equity firm from Asheville has purchased the office portion of the Arlington on South Boulevard, better known as the “pink building” just outside of uptown.
East West Capital paid $7.5 million to acquire the 34,618-square-foot offices at the Arlington, Mecklenburg County real estate records show. The Arlington includes shops and restaurants on the ground floor and a 24-story residential tower.
Managing director Rob Cochran and associate vice president Jared Londry of Cushman & Wakefield represented the seller, SRS Investors.
“The Arlington presented a unique opportunity for investors,” said Cochran in a statement. “It has a demonstrated appeal for tenants looking for high-quality office space in the dynamic Midtown submarket.”
In October, Beacon Partners bought the Park Avenue building at 1520 South End, which houses Carrabba’s, for $21.7 million.
There has also been a surge of interest among office tenants and developers in South End, perhaps better known for its breweries and thousands of new apartments than Class A office space. Beacon Partners has opened 1616 Center, next to Price’s Chicken Coop; Dimensional Fund Advisors is building a new, seven-story headquarters on the former Food Truck Friday lot.
“South End is experiencing a remarkable surge,” said Londry, in a statement. “The vitality and energy are drawing new businesses and a young, urban population.”