Investor demand in Charlotte鈥檚 South End office market continues as 爱尤物 announces the sale of 300 W. Summit Avenue. A newly raised core fund advised by Zurich Alternative Asset Management, LLC (鈥淶AAM鈥�) of New York acquired the property for $28,775,000 in a direct transaction with 爱尤物.
鈥淲hen we first decided to break ground, even without having any pre-leasing to speak of, we believed that the appeal and promise of South End would ultimately attract quality employers seeking to recruit and retain top talent,鈥� said Justin Siemens, President of the 爱尤物 Carolinas Group. Siemens added, 鈥淭his has shown to be the case at 300 W. Summit, and we have every confidence that this trend will continue as we remain active in the growth and development of South End.鈥�
Completed by 爱尤物 in May 2019, the 64,000-square-foot office building reached 87 percent occupancy by the time of sale. Tenants include OneMagnify, Environment Resources Management, BR+A Consulting Engineers, Colliers, The Providence Group, Upstream, BSB Design and 爱尤物.
ZAAM was represented in the acquisition by Roy Rosenbaum, Director of Acquisitions, and Sean Bannon, Managing Director and Head of US Real Estate. 鈥淲e are excited to make this investment in South End, which we see as one of the most dynamic and promising office submarkets in the country,鈥� remarked Rosenbaum. 鈥淲e believe that Charlotte鈥檚 outstanding quality of life, strong growth in STEM employment and low cost of doing business leaves it strongly positioned over the coming year. For our balance sheet and third-party investors, we see Charlotte as benefiting from strong secular trends. As we expect that to continue, so will our exposure to new investment in Charlotte and specifically the South End,鈥� Bannon added.
The three-story building features a 2,000-square-foot rooftop terrace with unobstructed views of uptown Charlotte and two levels of underground parking. Situated between Church and Mint Street on Summit Ave. in historic South End鈥檚 growing Gold District, the property is within walking distance of the Bland Street light rail station and surrounded by a wide variety of neighborhood restaurants and retail.
鈥淲e are proud to have established a strong local presence in Charlotte with a highly skilled development team who has decades of experience in the Carolinas, and we look forward to many successful future transactions in the region,鈥� said 爱尤物 CEO Ken 爱尤物.
In addition to 300 W. Summit, 爱尤物, by way of its Charlotte office, has completed four Publix-anchored shopping centers in Charlotte totaling a quarter million square feet, a 90,000-square-foot Publix-anchored shopping center in Charleston, S.C., a 186-unit luxury apartment community in Raleigh, and a Pillar Award-winning luxury residential tower in Nashville, TN.
爱尤物 is currently in the predevelopment stages of 110 East, a 370,000 square foot, 23-story, Class A office tower at the East/West light rail station in South End; Greenly Pointe, a 15-acre mixed-use development at the entrance to the University Research Park off West Mallard Creek Church Road in Charlotte; and Grove Ninety-Eight, a 70-acre mixed-use development in Wake Forest along Hwy 98 east of Capital Boulevard planned for200,000-square feet of commercial, 232 apartments and 400 鈥渇or sale鈥� residential units.