Two-Building Value-Add Office Park In Charlotte’s Southpark Submarket Sells For $24.45 Million
Charlotte, NC – CBRE has arranged the sale of Rexford Park I & II, two value-add office buildings totaling 136,812 sq. ft., located at 2100 and 2115 Rexford Road in Charlotte’s SouthPark submarket. Rexford Park I was completely vacant and Rexford Park II was 37% occupied at the time of sale, allowing for value creation through lease-up. Childress Klein and Gottesman Real Estate Partners acquired the property for $24.45 million. It is the first purchase in a new joint venture that will focus on multi-generational office investments in fortress locations in and around Charlotte, North Carolina.
“We couldn’t be more pleased to start our relationship with Childress Klein at Rexford and in South Park,” said Andy Gottesman, CEO of Gottesman Real Estate. “The properties fit perfectly into our strategy to breathe new life into well-located but underperforming assets.”
“We are thrilled to partner with Andy and his family on the acquisition of these Rexford assets. The location is exceptional. Our neighbors include the Specialty Shops, the nearly complete AC Marriott with its rooftop bar and the top-rated Marriott SouthPark. With THE LOOP planned at our front door and the Colony ready to break ground up the street, we believe Rexford will offer the walkability that office users have been seeking in SouthPark.” said Paul DeVine, Partner at Childress Klein.
CBRE’s Patrick Gildea, Matt Smith, and Grayson Hawkins represented the seller, LendingTree, in the transaction.
“Rexford Park I & II is one of the most competitive offerings we have handled in years, highlighting the volume of capital focused on value-add opportunities in today’s market. Southpark continues to be one of our most desirable submarkets in the Carolinas for investment.” said Mr. Gildea, executive vice president at CBRE.
The property is situated in the heart of SouthPark, one of Charlotte’s most desirable submarkets with an overall office vacancy of 6.4% and continuously increasing rental rates. In addition to office, SouthPark continues to be in high demand for multifamily and hotel developers. With multiple projects planned or under construction, any remaining development sites are highly sought-after. The area offers a walkable, live-work-play dynamic with numerous amenities within the vicinity. SouthPark Mall is the hub of the submarket with over 1.6 million sq. ft. of high-end retail and dining offerings.