Charlotte Office Building Sells for $38M

Pappas Properties sold SunTrust Building at Sharon Square, a 91,575-square-foot office building in Charlotte’s SouthPark submarket.
SunTrust Building at Sharon Square. Image courtesy of CBRE

Larson Capital Management has purchased the SunTrust Building at Sharon Square, a 91,575-square-foot office building in Charlotte, N.C., for $38 million. CBRE arranged the sale on behalf of the seller, Pappas Properties.

Situated at 4777 Sharon Road, the office building is within Sharon Square, a live-work-play community in Charlotte’s SouthPark submarket, which features various restaurants and retailers, including Whole Foods Market. The building is located within 7 miles of downtown Charlotte and around 12 miles from Charlotte Douglas International Airport. The SunTrust Building also provides access to public transportation on Sharon Road.

Constructed in 2013, the five-story building sits on less than one acre and encompasses 13,610-square-foot floor plates and features ground-floor retail space. The 96.5 percent-occupied building hosts SunTrust Bank’s regional headquarters and is anchored by SunTrust Bank’s private wealth, mortgage, treasury, corporate banking and real estate divisions.

CBRE’s brokerage team included Executive Vice President Patrick Gildea, Senior Associate Matt Smith and Senior Finance Analyst Grayson Hawkins. In October, the team also brokered the sale of Parkview Building, a 124,602-square-foot office property in Charlotte, N.C.