Airport-area office buildings sell for $8.2 million

Airport-area office buildings sell for $8.2 million

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By Ashley Fahey, Staff Writer Charlotte Business Journal | Original Source

Two office buildings in Charlotte’s airport submarket were recently sold for nearly $8.2 million.

Forest Park II and III, at 820 and 701 Forest Point Circle, were acquired by TerraCap Management LLC, a Florida real estate firm, on Dec. 16, according to Mecklenburg County real estate records. The buildings were previously owned by Greensboro-based Richardson Properties LLC. Forest Park II and III, at 820 and 701 Forest Point Circle, were acquired by TerraCap Management LLC for nearly $8.2 million.
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The garden office buildings off West Arrowood Road measure about 44,000 square feet apiece. Tenants include Carolinas HealthCare System, Lash Group and Total Quality Logistics.

Patrick Gildea and Ralph Oldham at CBRE’s Charlotte office represented Richardson Properties in the transaction.

“We are pleased to help another out-of-town investor enter the Charlotte market,” Gildea said in a statement. “Positive momentum continues to develop in the airport submarket.”

According to CBRE, Charlotte’s airport submarket has witnessed 15 consecutive quarters of declining vacancy and 12 consecutive quarters of positive absorption. Average rental rates have dropped 13.4% in the past two years.

Other office buildings at Forest Park were sold earlier this year. In January, Faison Enterprises sold Forest Park XI, which houses Accenture Credit Services, for $7.4 million and Forest Park VI for $5.7 million.