Development

SouthPark office buildings sold for $35.5 million

The Morrison building.
The Morrison building.

For the second time this month, a pair of office buildings in SouthPark have been sold.

The Morrison and Roxborough buildings just north of SouthPark mall fetched $35.5 million, according to a source with knowledge of the deal. A partnership of Charlotte-based Spectrum Properties and Intercontinental Real Estate Corporation bought the buildings on Morrison Boulevard and Roxborough Road.

“We are excited about adding these two great office assets in SouthPark to our Charlotte portfolio,” said John Boylan, president of Spectrum Properties, in a statement.

HFF marketed the buildings on behalf of the seller, Lionstone Investments, with Charlotte-based senior managing director Ryan Clutter leading the effort.

“There is a tremendous amount of ‘value-add’ capital in the marketplace seeking opportunities to push rents through building improvements or proactive leasing strategies,” said Clutter. “We continue to see this segment of the market aggressively pursue our well located Carolinas offerings and we believe this trend will continue for the foreseeable future.”

The buildings total 178,338 square feet, and they’re 95 percent leased, with anchor tenants including Velocity and South State Bank.

The sale is the second such transaction this month in the SouthPark area. Beacon Partners sold two similarly sized office buildings on Fairview Road to Fairlead Commercial Real Estate for $33.75 million in a deal that closed April 8.

Ely Portillo: 704-358-5041, @ESPortillo

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