Charlotte Creative Office Building Trades for $32M
- Nov 22, 2019
RMR Office Property Fund has purchased Bowers, a 73,560-square-foot mixed-use development in Charlotte, N.C., for $32 million. CBRE’s Patrick Gildea, Matt Smith and Grayson Hawkins brokered the sale on behalf of the seller, White Point. The team recently arranged the sale of a Charlotte office building for $38 million.
Situated at 4001 Yancey Road, the three-building property was originally constructed in the 1940s and 1950s and formerly housed a family-owned textile business. The buildings were completely renovated in 2018 and now operate as creative office and retail space, hosting tenants such as Artisanal Brewing Ventures, Chef Alyssa’s Kitchen, SentryOne and Investor Management Services.
The mixed-use property occupies five acres in Charlotte’s South End, near Interstate 77, approximately 4 miles from downtown Charlotte. The property is within 7 miles of Charlotte Douglas International Airport and provides access to light rail line 501 on Old Pineville Road. Other nearby amenities include restaurants and retailers along Old Pineville Road, including T.J. Maxx and Walgreens.