CapRidge Buys Charlotte Office Property for $39M
- Jul 22, 2019
Bridge Investment Group has sold Fairview Center, a two-building, 182,202-square-foot Class B office asset in Charlotte, N.C., to CapRidge Partners for $39.3 million, according to Yardi Matrix. BBVA Compass Bank provided the new owner with a four-year, $28.9 million acquisition mortgage.
The seller acquired the property in April 2016 from Beacon Partners for $33.8 million. In the past 12 months, Bridge has sold nearly 1 million square feet and acquired close to 3.5 million square feet nationwide. In October, the firm paid $113 million for an office tower in downtown Chicago.
Located at 6230 and 6302 Fairview Road, Fairview Center is situated 6 miles from downtown in Charlotte’s suburban SouthPark office submarket. The area within 1 mile of the buildings is home to some 5.4 million square feet of Class A and B space, per Yardi Matrix data. The property is also across the street from Simon’s 1.7 million-square-foot regional SouthPark shopping mall.
Fairview Center’s first building opened in 1968, followed by the second in 1984. A previous owner invested in updates and other capital improvements in 2014. Amenities include a fitness center and 2,350 square feet of retail space. Parking is available in multi-level structure alongside the property at a ratio of 5 spaces per 1,000 square feet. Yardi Matrix data shows the asset is 5.8 percent vacant, with Zapata Engineering, Cross Point Capital and the U.S. Secret Service comprising part of the tenant roster.