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Cushman & Wakefield Represents CIP Real Estate in Sale of 85 Commerce Center in Charlotte, NC

As published by Cushman & Wakefield

CHARLOTTE, NC, March 30, 2018 – Cushman & Wakefield announced today that it has represented CIP Real Estate in the sale of 85 Commerce Center, a 38,503-square-foot, three-building flex property in Charlotte, NC.

Cushman & Wakefield’s Nolan Ashton, Kris Westmoreland and Grant Keyes represented the seller. The buyer, NV LLC, acquired the asset for $3.6 million, or $93 per square foot. 

The property, located at 2211-2231 Executive Street, is fully leased to a diverse tenant roster with staggered lease expirations over the next five years. 85 Commerce Center was built in 1982, and renovations were completed in 2017 with the owner investing nearly $600,000 in renovation capital. Highly desirable office-to-warehouse ratios and new renovations make the property a greatly sought after asset in the thriving Charlotte market. Located just minutes from the CBD, Charlotte Douglas International Airport, and multiple major highways and interstates, the property is highly accessible and boasts visibility from I-85.

“85 Commerce Center attracted significant investor interest due to the ideal office-to-warehouse buildout, tightening market fundamentals and strategic positioning along I-85,” Ashton said. “Small-bay warehouse offerings in Charlotte are experiencing a wave of new investor interest due to rising rental rates and supply constraints as flex product in South End and North End is repurposed for new use.”

Kris Westmoreland and Grant Keyes of Cushman & Wakefield provided leasing services for the seller, CIP Real Estate. “Demand for flex space remains at an all-time high as local, regional and national companies expand and relocate to Charlotte,” Keyes said. “Increasing occupancy from 46% to 100% and rental rates by 20% since 2016 at 85 Commerce Center is reflective of this demand and the appetite businesses have for quality, well-positioned flex space.”   

About Cushman & WakefieldCushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.