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Charlotte-based Seller, Buyer Exchange 133K-SF Office Building for $66M
CBRE has arranged the sale of Morehead Square, a 133,107-square-foot office building on Morehead Square Drive in Charlotte for $65.5 million. Charlotte-based Spectrum Companies purchased the property from Charlotte-based Ferncroft Capital.
CBRE’s Patrick Gildea, Matt Smith, Grayson Hawkins, Joe Franco, Kris Westmoreland and Emily Barth represented the seller in the transaction.
“Morehead Square was an extremely rare value-add opportunity in the heart of the city’s most vibrant emerging submarket,” said CBRE’s Gildea. “The chance to buy an office building with considerable upside, along with an undeveloped site immediately adjacent a light rail stop, will not come around again. As a result, there was a considerable amount of interest from a variety of local and national investors.”
“Spectrum’s purchase of Morehead Square reflects our continued belief and investment in the leading edge of South End and Charlotte’s future overall,” said Steve McClure, CEO of The Spectrum Companies.
Morehead Square was constructed in 2000 is currently 71 percent occupied.
- ◦Sale/Acquisition
