Charlotte Office Asset Trades for $26M

The sale marks the first time the 124,602-square-foot Parkview Building has traded since PICOA Inc. acquired it in 2007.
Parkview Building. Image courtesy of CBRE

PICOA Inc. has sold Parkview Building, a 124,602-square-foot office asset in Charlotte, N.C., to Triangle Capital Group for $25.5 million. Mecklenburg County records show Sound Point Capital Management originated a $26.2 million acquisition loan for the buyer. The sale marks the first time the property traded since 2007, per Yardi Matrix data.

Located at 5821 Fairview Road, the property is within walking distance of plenty of retail and dining options at the neighboring Piedmont Town Center and Capitol Towers developments. The six-story building was 83 percent leased at the time of sale and the tenant roster includes Piedmont Natural Gas and Fleetmatics, as well as American Burger Co. and Prescriptive Fitness situated on the ground floor of the property. The new owner intends to implement an improvement program at Parkview Building.    

Executive Vice President Patrick Gildea, Senior Associate Matt Smith and Senior Finance Analyst Grayson Hawkins from CBRE worked on behalf of the seller. Recently, a similar team from the brokerage company represented the seller in the $38.3 million trade of One South Park Center located in the same metro.