Cushman & Wakefield has arranged the sale of Quail Plaza, a five-story, 89,760-square-foot office building located in Charlotte, North Carolina. Jared Londry, Rob Cochran, and Nolan Ashton of Cushman & Wakefield represented the seller, TriGate Capital, in the transaction. Adler Real Estate Partners acquired the property.
“TriGate Capital invested significant capital into Quail Plaza to make it a competitive option for office tenants seeking Class A office space in an in-town location,” Londry said. “Office tenants have become more fluid between South Charlotte, Ballantyne, and SouthPark as rates have increased across the city, positioning newly renovated assets like Quail Plaza as a compelling option if and when space becomes available.”
During the last five years, the South Charlotte submarket has experienced strong rent growth with office rates jumping as much as 50% for renovated assets as the market continues to tighten and options remain limited.
“From a macro level, it’s easy to correlate demand along the Highway 51 corridor to its access to some of the city’s top-rated schools, country clubs, and executive housing, but the mix of uses and walkable amenities now offered in the area have established an in-town, neighborhood feel that end users and investors are really drawn to,” Londry added. “We expect this area to see further growth and investment in the decades ahead as South Charlotte continues to be a top destination for residents and corporations alike.”
Quail Plaza, built in 1984 and renovated in 2015, is located at 7621 Little Ave. The property is currently 89% leased to 17 tenants, including headquarters locations for DAK Americas and SeedSpark, which encompass 38% of the building.
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.