This South End building near uptown just sold for over $65 million. Here’s what we know
The six-story Morehead Square building in South End has been sold for $65.5 million.
The 133,107-square-foot building at 1001 Morehead Square Drive features a two-story glass lobby and views of uptown at Morehead and South College streets. The nearly 3.2-acre site is near Interstate 277 and alongside the Carson Station light-rail stop.
It’s the second acquisition by The Spectrum Companies, a Charlotte-based commercial real estate firm, and Invesco Real Estate, a global real estate investment manager. Their first venture was Vantage South End, a 635,000-square-foot, mixed-use development two blocks away at South Tryon Street and West Carson Boulevard.
“Spectrum’s purchase of Morehead Square reflects our continued belief and investment in the leading edge of South End and Charlotte’s future overall,” The Spectrum Companies CEO Steve McClure said in a news release Thursday.
He said the South End location near uptown is ideal for easy access, and its proximity to restaurants, retail and amenities will help tenants to attract and retain employees.
Commercial real estate company CBRE, which arranged the sale on behalf of Ferncroft Capital, confirmed the sales price. The building, built 21 years ago, recently underwent several renovations including improvements to the lobby and modernization of floors one, two and six, according to CBRE.
Office tenants at Morehead Square include Charter Communications, U.S. Export Assistance Center, Bank OZK, WSP Engineering and West End Advisors, according to CBRE. The 22,800-square-foot third floor is available for lease.
Morehead Square is in the heart of the city’s “most vibrant emerging submarket” and drew interest from local and national investors, Patrick Gildea, vice chairman of CBRE, said in a statement.
Spectrum Companies said it plans to rebrand the building “to capture the essence of the South End experience.” The exterior building improvements include creating a community outdoor space.
The building last sold nine years ago to MHSQ Associated for over $24 million, Mecklenburg County property records show.
About Vantage South End
At Vantage South End, LendingTree and Grant Thornton were the first tenants to move into the development’s 11-story west tower.
The second tower is expected to be completed early next year.
The development, which includes a 1-acre urban park, recently signed tenants Yolk restaurant from James Beard semifinalist chef Greg Collier, New York-style deli Good Wurst Co., and whiskey and cocktail emporium Dram & Draught.
This story was originally published December 9, 2021 at 11:23 AM.