CBRE Brokers $38M Charlotte MOB Deal
- Sep 06, 2019
CBRE has represented CCP Commercial Real Estate in the sale of One South Park Center, a 147,141-square-foot office property in Charlotte’s SouthPark district. Chicago-based MBRE Healthcare acquired the building for nearly $38.3 million, according to Mecklenburg County records.
Patrick Gildea, Matt Smith, Lee Asher, Chris Bodnar and Grayson Hawkins were part of the CBRE team that mediated the deal on behalf of CCP. Demand for medical office spaces in SouthPark has increased recently, which justifies the full conversion of the property from a traditional workspace to a medical office asset following the transaction, Gildea explained.
Located at 6060 Piedmont Row Drive, the 10-story property was 97 percent occupied at the time of the sale, but the rate is expected to drop to 75 percent, according to CBRE. More than half of the space is occupied by tenants in the medical field, with Tryon Medical Partners being the largest.
One South Park Center was completed in 1973 and underwent a full renovation in 2008 and cosmetic upgrades in 2014, per Yardi Matrix data. The asset also includes 505 parking spaces and a fitness center.
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