CHARLOTTE, NC, January 3, 2017 – Cushman & Wakefield announced today that it has negotiated the sale of Grinnell Water Works, a creative historic office building located in the thriving Midtown submarket.
Cushman & Wakefield Managing Director Rob Cochran and Director Jared Londry represented the seller, Grinnell Partners, LLC, an entity affiliated with Insite Properties. Northridge Capital, LLC acquired the Class A office building for $11.8 million, or $227 per square foot. Acquisition financing was originated by Senior Vice President Brad Geiger and Executive Managing Director Phil Mudd in Cushman & Wakefield’s Washington, DC office.
The 51,949 square-foot, 100% leased property was built in 1930 and renovated in 2001. The historic brick and beam building was originally built as a manufacturing facility and was redeveloped into creative office space in 2001. Grinnell Water Works was designated a Charlotte-Mecklenburg Historic Landmark in 2002 and was added to the National Registry of Historic Places in 2003.
“Having been involved with this asset since its original, pioneering renovation in 2001, I have seen the transformation of this area to an extremely desirable, mixed-use and walkable neighborhood that is so appealing to many tenants and investment groups today,” said Mr. Cochran.
Mr. Londry added, “Grinnell Water Works is the best example of creative office space in Charlotte. It has a long history of high occupancy and strong tenancy as a result. Offering generational value in a mixed-use environment, the asset presents Northridge Capital with stability and further appreciation for years to come.”
Insite Properties has been retained by Northridge Capital to lease and manage the property.
Read the article on Charlotte Observer here.