Office buildings in thriving SouthPark submarket fetch $50.85M

CHARLOTTE – Oct. 5, 2022 – JLL Capital Markets announced today that it has completed the $50.85 million sale of Carnegie and Roxborough, two premier, newly renovated office buildings totaling 179,242 square feet in Charlotte, North Carolina.

JLL represented the seller, a partnership between Spectrum Companies and Intercontinental Real Estate Corporation, in the sale of the properties to Griffin Partners.

Carnegie and Roxborough are positioned on nearly five acres in the heart of SouthPark, one of Charlotte’s most affluent submarkets. The properties are directly across the street from the high-end SouthPark Mall and have access to nearly three million square feet of nearby retail, restaurant and grocery amenities. The SouthPark submarket is a true live-work-play environment boasting more than 2,500 multi-housing units and more than 1,800 hotel rooms alongside mixed-use and office developments.

Recently renovated, Carnegie and Roxborough offer newly updated lobbies, state-of-the-art buildouts and tenant lounges. Carnegie, which is located at 6525 Carnegie Blvd., is a five-story, 115,442-square-foot building. Located at 1901 Roxborough Rd., Roxborough features four stories of office space totaling 63,800 square feet. Overall, the properties are 88.4% leased to a mix of national, regional and local companies in the finance, real estate, engineering, architecture and construction industries, among others.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ryan Clutter and Director Daniel Flynn. 

“Carnegie and Roxborough offered investors two premier assets with stable cash flow and near-term value-add upside within a growing submarket commanding some of the city’s top rental rates across office, retail and multifamily sectors,” Clutter said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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The Spectrum Companies is a commercial real estate firm that changes lives by creating special places. Spectrum owns, develops, leases, and manages commercial property across the Southeast. Spectrum has developed more than 4 million square feet of office space and 4,400 multifamily units.  They manage a portfolio valued at $2 billion. Learn more at spectrumcos.com. 

Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser* with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $21 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $15.5 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects. For more information on Intercontinental please visit Intercontinental.net.

*Registration with the SEC does not imply a certain level of skill or training.

Griffin Partners is a commercial real estate investment, development, and property management firm. Griffin Partners believes that value-add investments generate the best risk-adjusted returns, and therefore the firm focuses primarily on acquiring value-add infill office and light industrial assets and ground-up development of industrial properties using conservative leverage. Since inception, Griffin Partners has been involved with the acquisition, development, or management of 78 assets comprised of 103 individual properties encompassing 18.3 million square feet with an aggregate value exceeding $2.5 billion. The goal of every investment is to enhance performance, reduce risk, and support a diversified portfolio. Griffin Partners is a premier real estate investment manager and developer. With its client’s vision as the goal, the firm skillfully manages every detail and all aspects of custom-building design and construction while preserving capital and maintaining flexibility for future development.