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Charlotte Office Building Trades Hands for $38M
CBRE has arranged the $37.5 million sale of the SunTrust Building at Sharon Square, a 91,575-square-foot office building located within Sharon Square, a mixed-use development that includes a Whole Foods location and the Solis SouthPark apartments.
Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller and developer, Charlotte-based Pappas Properties and Allen Tate Family Partnership, in the transaction.
Larson Capital Management acquired the five-story building, which is currently 96% occupied. It is home to SunTrust Bank’s regional headquarters, and anchored by SunTrust Bank’s private wealth, mortgage, treasury, corporate banking and real estate divisions, as well as a retail bank branch with a covered drive-through.
“The SouthPark submarket fundamentals have been incredible in recent years. It shows the city’s highest barriers to entry and new construction opportunities are limited. With steady demand and limited supply, it will continue to be one of the best investment markets in Charlotte,” said Gildea, executive vice president at CBRE.
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
