Shopoff Realty Investment buys Charlotte office property
Shopoff Realty Investments has acquired a 125,000 square foot single tenant NNN leased office property. The property is located at 4100 Stream Boulevard within Charlotte’s I-77 Corridor. It was acquired in conjuntion with co investment partner Praelium Commercial Real Estate.
Shopoff Realty Investments President and CEO William Shopoff, said, “The property’s location in a highly desirable and growing submarket of Charlotte, along with the building quality and investment grade tenant, made this asset very attractive to our team. As the market continues to mature, we believe the property will benefit from potentially higher market rental rates and a subsequent property value increase.”
The office building was built in 1988. The four story office property is situated on 9.14 acres with ample surface parking for the building’s workers. In addition, located in Charlotte’s I-77 Corridor sub-market, the asset location is ideal for area commuters, with close proximity to the I-77, I-485, LYNX Light Rail Line, as well as the Charlotte Douglas International Airport. Besides, it is currently 100 percent leased to an investment grade, Fortune 10, communications, media entertainment and technology company, as its Charlotte, North Carolina.
Shopoff added, “Charlotte continues to be a draw for companies looking to relocate as it features a low cost of doing business, is in a business-friendly state and has a strong infrastructure. We’re confident that if the current tenant does not renew their lease at expiration, we’ll be able to secure another tenant(s) for the space and at a potentially higher market rate.”
Source: Pr Newswire
Fulya Altunyay/ [email protected]