Shorenstein Properties Buys Charlotte Office Campus
- Oct 22, 2019
Westcore Properties has sold a 450,000-square-foot office asset in Charlotte, N.C., to Shorenstein Properties. The Mecklenburg County Assessor’s office most recently assessed the property at about $24.5 million. Last summer, CommonGrounds Workplace signed a 62,461-square-foot lease at Shorenstein Properties’ 1700 Market St. Class A tower in Philadelphia.
Located at 6800 Solectron Drive in Charlotte’s University City submarket, the property is adjacent to Innovation Park, a nearly 2 million-square-foot campus originally leased to IBM. The area comprises more than four million square feet of office space, housing businesses in diverse industries such as technology, energy, finance and healthcare and almost 25 Fortune 500 companies. The asset is less than 2 miles from Interstate 85, roughly 3 miles from the Lynx light rail extension and less than 10 miles from downtown Charlotte.
Completed in 1982 on a 38.6-acre site, the property was initially built for IBM’s manufacturing and office uses. Up until 2018, the asset was fully leased to Flextronics. The new owner intends to implement an extensive redevelopment program, which will include the outdoor amenities, parking and access to surrounding roadways. Cushman & Wakefield’s Executive Director Jessica Brown and Senior Director David Dorsch will handle the marketing and leasing of the campus.