Two office buildings in SouthPark have been sold to an Atlanta-based commercial real estate company for $33.75 million.
Fairview Center One and Two are on Fairview Road, directly across from SouthPark mall. The two properties total 183,654 square feet, with anchor tenants including McAngus Goudelock & Courie, the U.S. Secret Service and ZAPATA.
Charlotte-based Beacon Partners sold the buildings, with CBRE brokers Patrick Gildea and Anne Vulcano leading the sale. Fairlead Commercial Real Estate finalized the acquisition April 8.
“Sophisticated investors like Fairlead are recognizing SouthPark's high barriers to entry, rapidly rising rental rates and limited opportunity for new construction. There have been very few sales in SouthPark during the current cycle, yet robust interest continues in this phenomenal submarket,” said Gildea, in a statement.
Rental rates in SouthPark are up 14 percent over the last year, CBRE said, making it attractive for investors to buy office buildings there. Lincoln Harris is also developing the second of its Capitol Towers office buildings, which will total about 480,000 square feet of new space when both are complete.