Charlotte’s Mallard Creed Center Changes Hands
- Jan 09, 2017
Charlotte, N.C.—CBRE Group Inc. has recently arranged the sale of Mallard Creek Center in Charlotte. Patrick Gildea, Will Yowell and Ralph Oldham exclusively represented the sellers, CBRE Global Investors and the State of Utah, in the transaction. Charlotte-based Stream Realty Partners purchased the property at the end of December 2016.
Located on 8520 and 8604 Cliff Cameron Drive, the 259,786-square-foot property is positioned within University City, Charlotte’s second largest employment hub with roughly 73,000 employees. University City contributes an annual economic impact of more than $8 billion to the regional economy. Mallard Creek Center is located in Charlotte’s Northeast submarket, which has witnessed 12 consecutive quarters of declining vacancy. The submarket’s rental rate has increased 5.8 percent in the past year.
“The University submarket has become one of the strongest in Charlotte throughout the last few years and we are pleased to see continued regional investment from local ownership,” said Patrick Gildea, CBRE’s executive vice president, in a prepared statement.
According to Yardi Matrix data, Mallard Creek Center consists of six one- and four-story buildings. Amenities include 1,156 parking spaces, controlled access and a fitness center. Cognizant, Corus360, Farm Bureau Insurance and Securitas are among the anchor tenants of the property.
Image courtesy of Yardi Matrix