CHARLOTTE, N.C. – June 2, 2021 – A fund sponsored by CBRE Global Investors has acquired the South End Collection, a recently renovated mixed-use portfolio in Charlotte, N.C. from Asana Partners. Located in Charlotte’s transit-oriented South End neighborhood, the South End Collection is comprised of three creative office and retail assets that are each 100% leased.
The first asset spans 37,351 square feet and is located at 2116 Hawkins Street. The single-story building is fully leased to Krispy Kreme, which occupies 31,176 square feet of creative office space for its corporate operations and 6,175 square feet of space for retail operations.
222 Rampart Street is a 24,210-square-foot single-story creative office building. The asset is fully leased and outfitted for Skiptown, a dog daycare, dog boarding, and dog bar facility with space dedicated to indoor, off-leash play.
The final asset, 307 West Tremont Avenue, is a single-story 47,533-square-foot property occupied by Spaces and Pins Mechanical Company. Spaces, a flexible workspace offering from Regus, occupies 27,400 square feet, while Pins Mechanical, an entertainment venue offering activities like duckpin bowling, bocce, and ping pong, occupies the remaining 20,133 square feet of retail space.
“We believe that the South End Collection is a unique asset in that it has a compelling mix of tenants, ranging from food service and co-working to entertainment and pet care, in an already thriving neighborhood,” said Justin Shanahan, a director for CBRE Global Investors. “South End has morphed into a booming extension of the traditional Charlotte Uptown CBD and is one of the city’s top-performing and fastest-growing submarkets. We think that the neighborhood will continue to attract both residents and businesses, ultimately creating a true live-work-play environment in Charlotte.”
CBRE’s Patrick Gildea, Matt Smith and Grayson Hawkins represented Asana Partners in the transaction.
“South End has evolved as one of the top live-work-play destinations in the Southeastern United States. This offering was one of the most competitive that our team has ever handled, which is indicative of the depth of capital seeking investments in Charlotte and South End specifically,” said Patrick Gildea, a Vice Chairman at CBRE. “Well-leased assets with strong tenancy and long weighted average lease term have proven resilient despite market fluctuations in the last 12 months.”
The South End Collection, which sits on 6.5-acre site, is located close to the LYNX light rail and several new high-density office and retail developments. The area has become the preferred destination for office and retail users in Charlotte due to significant multifamily development. The South End Collection is situated 20 minutes from both the Charlotte CBD and the Charlotte Douglas International Airport.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $124.5 billion in assets under management* as of March 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.