A pair of office building in University City is for sale, adding to the commercial real estate momentum in the fast-growing area.
Three Resource Square is on David Taylor Drive, near Mallard Creek Church and Mallard Creek roads. The 124,767 square-foot building is 68 percent occupied, with waste company Republic Services as the primary tenant, leasing two-thirds of the space.
Rob Cochran and Jared Londry are marketing the property for the Charlotte office of Cushman & Wakefield. The building was developed in 1999 by Crescent Resources. Three Resource Square is currently owned by an affiliate of Torchlight Loan Services, which acquired the building for $14 million last year following a foreclosure.
Four Resource Square, the neighboring property, is also for sale, represented by the same brokers. The 151,916 square-foot building is 90 percent occupied, with pharmaceutical distributor McKesson as the anchor tenant. The building is owned by a company affiliated with Philadelphia-based RAIT Financial Trust, which acquired it in 2011 for just under $22 million.
University City has seen increased growth and interest from investors in recent years. The Blue Line light rail extension from uptown to UNC-Charlotte is set to open next summer.
Nearby on Mallard Creek Church Road, Crescent Communities is adding to its Alexander Village apartment development with plans for up to 300 more apartments, 75,000 square feet of shops and restaurants and a 200-room hotel on the site. Cushman & Wakefield is also selling the Flextronics Campus, a 445,806-square-foot office/manufacturing/warehouse facility in University City.