Mohr Capital Picks Up Charlotte Office Asset
- Dec 08, 2017
Mohr Capital has completed the acquisition of a 100,000-square-foot, Class A office building in the University submarket of Charlotte, N.C. Aivone Investments LLC sold the vacant asset in an $11.4 million deal, according to public records.
Located at 10330 David Taylor Drive, the property sits on 13.8 acres and was completed in 2003. The asset previously changed hands in November 2004 for $12.6 million, real estate records show.
The new ownership plans to rebrand the building as “University Highlands” and to invest in capital improvements, as well as expand the property by adding approximately 150,000 square feet to the site.
Mohr Capital CIO Gary Horn and Jack Glasgow, managing partner with Cresa Carolinas, represented the buyer. The new owner retained Brad Grow, a partner at Colliers International, to spearhead leasing efforts. CBRE will oversee property management. Cresa acquired Mohr Partners, an affiliate of Mohr Capital, earlier this year, in March.
“The asset is in excellent condition and—with the capital improvements we have planned and the limited options in the 250,000-square-foot range—we feel the property will be well received in the market,” Horn said in a prepared statement. “With Brad Grow’s assistance, we have already visited with many of the top Charlotte brokers regarding the asset and, with the limited inventory in the market, we hope to secure a tenant soon.”
Image courtesy of Mohr Capital