Beacon Partners Taking Over East Morehead Street; LP Financial Scouting the Suburbs
- Feb 12, 2014
Charlotte-based full-service real estate company Beacon Partners has just increased its East Morehead portfolio, buying its fourth office asset on the Midtown street. The property, located at 801 East Morehead, was recently picked up for $2.85 million and is undergoing renovations set to complete by spring, the Charlotte Business Journal reports.
The building has around 7,000 square feet of vacant space leasing at $21.5 per square foot. Leasing will be handled by Beacon Partners. The property was acquired from a limited liability company managed by Jill Newton. According to real estate website PropertyShark.com, the office building was previously owned by 801 East Morehead LLC, an entity featuring a single family residential property address owned by Jill S. Newton. According to the same source, the 31,545-square-foot, two-story Class B office asset had an estimated market value of $4,389,000.
Beacon Partners’ other East Morehead Street office assets include 500 East Morehead, a 43,904 -square-foot, three-story Class B property with onsite free parking, onsite property management, located within walking distance of a LYNX light rail station and 1228 East Morehead, a 14,000-square-foot, two-story Class B property, renovated in 2013. PropertyShark.com estimated the market values of these properties at $4,979,500 and $1,981,000, respectively. Beacon Partners owns, manages and leases five buildings in Midtown, totaling 185,000 square feet.
In other news, LPL Financial, the largest independent broker-dealer is the U.S. is shifting its focus from Uptown Charlotte to the suburb, the Charlotte Business Journal reported. The company, which already has a 150,000-square-foot at the Coliseum Centre, has been scouting the Queen City for a location that would provide it with an initial 400,000 square feet of office space, as well as the option to expand in the future. An expansion site adjacent to the Coliseum Centre, which could provide 400,000 square feet, Childress Klein Properties’ Lakepointe Corporate Center site as well as proposed built-to-suit facility in Ballantyne Corporate Park courtesy of the Bissell Cos. are reportedly now being considered.
Image courtesy of Beacon Partners