HFF Leads Sale Of Charlotte Office Asset Resource Square Five
- Mar 01, 2016
Charlotte, N.C.—HFF recently announced that is has closed the sale of a five-story Class A office building in Charlotte. HFF represented a fund managed by DRA Advisors LLC in the sale of Resource Square Five to the Dilweg Cos.
Located at 10715 David Taylor Drive, the recently sold Resource Square Five is situated on 12.2 acres within the five-building Resource Square office park. The 152,452-square-foot office building is placed conveniently to the Interstate 85 corridor and less than one mile from the ongoing Blue Line extension.
Completed in 2000, Resource Square Five is the newest building in the office park and was 92.4 percent leased at the time of the sale, primarily to the IRS. The property’s amenities include an exercise facility with showers and locker rooms and onsite parking for 677 vehicles.
Ryan Clutter, senior managing director, led the HFF investment sales team representing the seller.
“Resource Square Five is a high-quality asset located in the thriving University Area submarket of Charlotte, which now has its lowest office vacancy rate in over 15 years,” said Clutter in prepared remarks. “With the market really tightening up and rents growing in the area, investors were attracted to the potential to achieve compelling investment returns with the asset.”
“Institutional capital continues to find Charlotte and the Carolinas an attractive market to invest their capital, and we believe this trend will continue throughout 2016,” added Clutter.
The acquisition reflects the Dilweg Cos.’ plans to expand its portfolio in the Southeast. The company has sponsored more than $890 million in assets and more than 9 million square feet throughout North Carolina, South Carolina, Virginia and Georgia since 1999.