Three Water Ridge is a part of an 11-building workplace campus. Picture courtesy of CBRE
AEW Capital Administration has bought a 107,545-square-foot workplace constructing in Charlotte, N.C., to Perkins Fund LP. The asset, Three Water Ridge, was absolutely occupied by Walmart on the time of sale; the retailer has been a tenant on the property since 2015.
AEW bought Three Water Ridge for $15 million, public data present, with the help of CBRE‘s Patrick Gildea, Matt Smith, Grayson Hawkins and Robert Hardaway. The property had beforehand traded in 2016 for $35 million.
Standing 5 tales tall, Three Water Ridge got here on-line in 1991 and underwent renovations in 2018, CommercialEdge knowledge reveals. The property is a part of the 11-building Water Ridge Workplace Park, so tenants have entry to 3 health facilities, outside picnic areas, strolling trails, 24/7 safety and a tenant lounge, amongst different facilities.
Situated at 2118 Water Ridge Parkway throughout the I-77 Hall submarket, the property is near Billy Graham Parkway and West Tyvola Street, throughout from the 170-acre Metropolis Park master-planned group. Downtown Charlotte is roughly 7 miles northeast, whereas Charlotte Douglas Worldwide Airport is 6 miles away.
Workplace gross sales shrink in Charlotte
Just some 1.3 million sq. ft of workplace area have traded in Charlotte year-to-date as of September for a complete of $179 million, based on a current CommercialEdge report. The gross sales quantity was thrice smaller than the one recorded in the identical interval of 2022, when greater than 3.9 million sq. ft modified fingers.
Property bought, on common, for $161 per sq. foot. The value was practically half the one recorded in 2022’s first three quarters and 18.7 % smaller than the nationwide common of $198 per sq. foot.
