Charlotte Commercial Real Estate Wrap-Up – May 2020

Cousins Properties pays $85 million for parking deck. Newly built suburban HQ trades for $58.5 million. Catch up with our May list of Charlotte must-knows.
4200 Corning Place. Image courtesy of Cushman & Wakefield

As North Carolina began to reopen and lift certain restrictions, real estate activity in Charlotte followed suit. Several major deals closed, particularly in the resilient industrial sector, and some new developments look to be taking shape. However, the metro could still have a challenging road ahead, with the state reporting a significant spike in new COVID-19 cases just before Memorial Day weekend. Check out our May selection of Charlotte-must reads: 

1. DEAL – JLL facilitates sale-leaseback deal for Wilbert Plastic Services.

AIC Ventures paid $7.5 million for the 126,400-square-foot facility, according to public records. The seller will continue to occupy the facility under a long-term absolute net lease. Located on 9 acres at 7301 Caldwell Road in Harrisburg, the single-story building was completed in 1990. The warehouse is 2 miles from Interstate 485 and 25 miles east of Wilbert’s headquarters in Belmont.

2. LEASING – Cushman & Wakefield arranges industrial leases totaling 90,180 square feet.

The firm represented Dogwood Industrial Properties in the two agreements, bringing the 167,657-square-foot warehouse to full occupancy. Polygal will occupy 23,750 square feet and a Fortune 500 company will lease 66,430 square feet in the building. Completed in 1972, the facility sits on 7 acres at 5130 Hovis Road. The brokerage team included Eric Ridlehoover, Matt Treble and Patrick McGrath. 

3. DEAL – Beacon Capital closes $58.5 million Corning Optical HQ sale.

Crown Realty & Development purchased the 182,200-square-foot property in an all-cash transaction. Located at 4200 Corning Place, the build-to-suit development delivered in the third quarter of 2019 with an estimated price tag of $38 million. Corning Optical occupies the asset under a lease expiring in 2034. Cushman & Wakefield assisted the seller in the deal.

4. SUSTAINABILITY – Duke Energy, Charlotte authorities to develop solar farm.

The public-private partnership will join forces with Carolina Solar Energy and Ecoplexus to deliver a 35-megawatt solar farm in 2022, according to The Charlotte Weekly. Under a 20-year power purchase agreement, Duke will provide zero-carbon energy for the metro. The solar farm’s site is along Tomlin Mill Road outside of Statesville. 

5. DEAL – Cousins Properties buys downtown parking garage for $85 million.

Arden Group sold the 11-story parking deck adjacent to the BB&T Center, according to Charlotte Business Journal. The seller still owns the 570,601-square-foot office tower, which it acquired for $148.5 million in 2017. Located at 200 S. College St., the parking structure could potentially support future development of roughly 80,000 square feet of office, residential or hotel space.