Cushman & Wakefield has arranged the sale of Fairview Center, a two-building office property totaling 182,758 square feet in Charlotte’s SouthPark submarket across from SouthPark Mall. Rob Cochran, Jared Londry, Nolan Ashton, David Meline, and Samir Idris of Cushman & Wakefield represented the seller, Bridge Investment Group, in the transaction. CapRidge Partners, a value-add office investment and management firm located in Austin, Texas, acquired the properties.
“Given its location in the heart of SouthPark with the associated walkable amenities and the beautiful renovations executed by Bridge, Fairview Center has enjoyed consistently high occupancy levels and rental rates,” Cochran said. “This stability and potential for strong income growth was especially attractive to CapRidge and other investors considering this offering.”
Located at 6302 and 6230 Fairview Road, Fairview Center is 93% leased to 20 tenants. Fairview Center’s parking ratio of 5.0 spaces per 1,000 rentable square feet places it among the highest parking ratios in the submarket, and well above the market average of 3.0 spaces per 1,000 rentable square feet.
“SouthPark’s already stellar reputation among investors is only improving with high density residential, office and retail developments underway,” Londry said. “These developments and an influx of younger residents are driving new entrants into the dynamic restaurant and entertainment scene.”
“We are pleased with the execution of the sale of Fairview Center,” said Tommy Spinosa, Acquisitions Director of Bridge Investment Group. “Charlotte is a focus for Bridge and this transaction confirmed our future commitment to the market.”
These acquisitions mark the latest investments in the Charlotte market for CapRidge, whose area holdings include the two-building portfolio, Carmel Park, in the South/Highway 51 submarket.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Bridge Investment Group –
Bridge Investment Group is a privately-held real estate investment management firm with $16 billion in assets under management. Bridge combines its 2,700-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing and debt strategies.
About CapRidge Partners –
CapRidge Partners is a fully integrated investment management and operating company focused on value-add office properties in nine select U.S. markets, including Charlotte. Their strategy is to acquire well-located assets, below replacement cost, that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities, leasing to stabilized occupancies, marking-to-market expiring leases, and completing capital projects. Since 2012, CapRidge has purchased 41 office buildings.