NY Buyer Takes 100,000-SF Office Asset for $11M

CHARLOTTE, NC-A New York-based private investor has acquired the two-building, 100,000-sf Woodfield Corporate Center for $11.3 million. It is 90% occupied.

Built in 1987, the property is located near Highway 51 at 8000 and 8008 Woodfield Center Dr. Once due diligence was completed after 35 days, escrow took just eight days to close.Robert Podewils and Eddie Blanton, of Sperry Van Ness/Lighthouse Commercial in Charlotte, represented the buyer. The seller, an Atlanta-based private investor, was represented by George Linville, of Linville Real Estate Services. Blanton tells GlobeSt.com that the seller received an unsolicited offer for the property. “It was an off-market deal,” Blanton says.

The property is located in a suburban area of Charlotte that has been experiencing tight conditions, in part because there is currently only one development site on the market. “The upside is that rents have crept up $3 per sf over the past year in that submarket,” Blanton says. “They’re expected to rise another $2 to $3 per sf this year.”