At a glance
- The five-story, 1986-vintage building traded for about $359 a square foot after Redline Property Partners paid $27.8 million for it in January 2022.
- For family offices and RIA principals that own direct office, the sale is a comparison point: 92% occupancy, a $359-a-foot price and a renovated building.
- Tenants include LPL Financial, SunCap Property Group, Carnegie Private Wealth, Lowry & Associates, McMillan, Psaroudis & Markey and First Tryon Securities.
Endeavor Real Estate Group bought Carnegie Point, a 108,000-square-foot office building in Charlotte's SouthPark, for $38.8 million, its first property in the city.
The five-story, 1986-vintage building traded for about $359 a square foot after Redline Property Partners paid $27.8 million for it in January 2022. The sale price was an $11 million markup in under five years. CBRE's Patrick Gildea and Matt Smith represented the seller, and the Charlotte Business Journal reported the price; Connect CRE reported the sale.
For family offices and RIA principals that own direct office, the sale is a comparison point: 92% occupancy, a $359-a-foot price and a renovated building. The $11 million gain suggests the price reflects leased income and completed improvements rather than a Charlotte rent recovery; the reported figures do not separate the two.
Tenants include LPL Financial, SunCap Property Group, Carnegie Private Wealth, Lowry & Associates, McMillan, Psaroudis & Markey and First Tryon Securities. ICM Asset Management renovated Carnegie Point in 2016; Redline's work covered the lobby, elevators, roof, parking, common areas and new amenity space.
Endeavor's Charlotte entry starts with about 8% of the building to lease, the gap between 92% occupancy and full.
Reported by the Deals desk from Connect CRE and Charlotte Business Journal. Published . Corrections