Shopoff Realty Investments Acquires 175,000 Square Foot NNN Leased Charlotte Office Property
CHARLOTTE, N.C., March 13, 2019 /PRNewswire/ — Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has acquired a 125,000 square foot single-tenant NNN leased office property, located at 4100 Stream Boulevard within Charlotte’s I-77 Corridor. The property was acquired in conjunction with co-investment partner Praelium Commercial Real Estate.
The office building is currently 100 percent leased to an investment-grade, Fortune 10, communications, media entertainment and technology company, as its Charlotte, North Carolina headquarters.
“The property’s location in a highly desirable and growing submarket of Charlotte, along with the building quality and investment-grade tenant, made this asset very attractive to our team,” explained Shopoff Realty Investments President and CEO William Shopoff. “As the market continues to mature, we believe the property will benefit from potentially higher market rental rates and a subsequent property value increase.”
Situated in Charlotte’s I-77 Corridor sub-market, the property location is ideal for area commuters, with close proximity to the I-77, I-485, LYNX Light Rail Line, as well as the Charlotte Douglas International Airport. Charlotte’s population has also increased 16.8 percent since 2000 according to U.S. Census Bureau estimates, which will continue to provide potential employees to help grow this already robust workforce.
“Charlotte continues to be a draw for companies looking to relocate as it features a low cost of doing business, is in a business-friendly state and has a strong infrastructure,” Shopoff added. “We’re confident that if the current tenant does not renew their lease at expiration, we’ll be able to secure another tenant(s) for the space and at a potentially higher market rate.”
Built in 1988, the four-story office building is situated on 9.14 acres with ample surface parking for the building’s workers. The Charlotte property also enjoys the benefits of being adjacent to the new City Park project, a 155-acre mixed use development that includes retail, restaurants, a hotel and 15 acres of dedicated parks and greenspace.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 27-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 27-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any investment strategy will succeed to meet its investment objectives. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.
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