Development

Video rental company buys south Charlotte office building

A south Charlotte office building has been purchased for $5.4 million by a company affiliated with an Illinois-based video rental firm.

The three-story, 25,521 square-foot office building is located at 3315 Springbank Lane, at Providence Road near the Arboretum. Wakefield senior managing director Rob Cochran and associate vice president Jared Londry represented the seller, a Grubb Properties entity.

“The SunTrust Bank Building is an excellent representation of what many investors are seeking in today’s market – quality and stability” said Londry, in a statement. The purchase price comes to $212 per square foot. “The building, and the seven buildings surrounding it, have collectively averaged 92% occupancy over the past 10 years.”

Family Video Employees LLC, associated with a company that operates 775 Family Video rental and sales stores, was the purchaser, represented by Jay Blanton and Bart Murr of Insite Properties.

Ely Portillo: 704-358-5041, @ESPortillo

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