The Boxer Building was built in 1927 and is currently 75% leased.
Charlotte Business Journal—Asheville real estate investment firm East West Capital has purchased another office building on Charlotte's West Morehead Street.
East West recently bought the Boxer Building for $4.67 million. The 40,000-square-foot building is at 1000 W. Morehead, across the street from the Carolina School Supply Building, which East West Capital purchased last year for $3.7 million.
David Moritz, a managing partner with East West Capital, says the firm has been contacted by tenants interested in leasing space at the Carolina School Supply Building, but it's 100% leased. Now, he says, the firm can refer those prospects to the Boxer Building, which is 75% leased.
Moritz started East West Capital with Brian Nelson in 2013. The firm sources its capital from investors in the U.S. and in Asia. Before launching East West, Moritz worked in Singapore for Macquarie Capital as an investment banker. East West has made 10 acquisitions so far, mostly land for residential development in the Asheville market, but in Charlotte the firm is focused on the office sector, Moritz says.
"We like the Charlotte market, and we'd love to buy more office space there," he says, adding that the firm is interested in deals up to $25 million in value.
Monte Ritchey of Legacy Real Estate Advisors represented East West Capital and will handle leasing at the Boxer Building. Jubal Early of Lincoln Harris represented the seller. Alan Dexter of Parker Poe and Dan Visalli of Swindell Law provided legal counsel to the buyer and seller, respectively.