Inland Real Estate Group Trades Charlotte Office Asset
- Mar 20, 2019
Shopoff Realty Investments has purchased AT&T’s office building in Charlotte, N.C., from Inland Real Estate Group. The company has owned the 125,265-square-foot asset for more than a decade, having acquired it from AT&T for $19.4 million, according to Yardi Matrix data.
The four-story property is located at 4100 S. Stream Blvd., on a 9-acre site and features controlled access as well as a grade-level parking lot accommodating 413 vehicles. The site is approximately 6 miles from Charlotte Douglas International Airport as well as downtown Charlotte. AT&T employees are also provided with immediate access to Renaissance Park and Harry L. Jones Sr. Golf Course. Completed in 1988 of glass and masonry, the building provides standard ceiling heights.
Charlotte has been benefiting from a favorable business climate, having grown substantially during this economic cycle. Home to Apple’s new $5 billion data center and Amazon’s $375 million wind farm, the market has been diversifying its economy which has resulted in increased demand for office space. According to the latest Yardi Matrix office report, development is being added at a rapid pace. In 2018, the office stock expanded by 7.2 percent.
Image courtesy of Yardi Matrix