Cousins Properties is beneath contract to buy Vantage South Finish, a 639,000-square-foot workplace complicated in Charlotte, N.C., for $328.5 million. The deal is predicted to shut subsequent month and is topic to customary closing situations.
A three way partnership between Invesco Actual Property and The Spectrum Cos. at the moment owns the two-building property, based on CommercialEdge info.
The duo accomplished the campus in 2021 and 2022 with assist from normal contractor Rodgers Buildings and design agency LS3P Associates. Preliminary plans for the property additionally included an 11-story, 200-key boutique resort.
Vantage South Finish contains two 11-story, LEED-certified buildings with floorplates starting from 21,400 to 31,400 sq. ft, based on CommercialEdge info.
READ ALSO: Workplace Emptiness on the Rise in Charlotte
The campus options 45,000 sq. ft of retail area, a 1-acre park, 18 out of doors terraces, a number of health and convention facilities, in addition to a number of on-site eating choices. As well as, the property has a parking ratio of three areas per 1,000 sq. ft.
The workplace complicated is 97.4 p.c leased with a weighted common lease time period of greater than 9 years. Tenants embody CBRE, LendingTree, Alston & Fowl and Hartford Insurance coverage.
Situated at 1415 Vantage Park Drive and 1120 S. Tryon St., the property is in Charlotte’s South Finish neighborhood, 1 mile from the town’s downtown. The Charlotte Douglas Worldwide Airport is 6 miles northwest.
Charlotte’s workplace sector faces headwinds
Charlotte’s workplace funding quantity year-to-date as of September amounted to $193 million, based on the most recent CommercialEdge workplace report. Property within the metro modified fingers for $150 per sq. foot on common, under the $171 nationwide determine. The market’s emptiness charge on the finish of the identical month was 18.3 p.c, 220 foundation factors greater year-over-year.
In one of many metro’s largest gross sales by means of September, Vanguard acquired Centene’s former workplace complicated in Charlotte for $117 million. The monetary companies firm will use the 700,000-square-foot area as the brand new website for its regional/satellite tv for pc workplace. The 91-acre campus is scheduled to open subsequent yr.
Different notable offers included KHP Capital Companions’ buy of The Johnston Constructing. Spaulding & Slyle Investments bought the 172,382-square-foot asset for $19.3 million in Might.
