East West Capital has acquired the Arlington Office Building in Charlotte, North Carolina. The Class “A” office building, located at 325 Arlington Avenue in the Midtown submarket, has 34,631 sf of 96% leased office space. The office building is part of an iconic and well-known mixed use landmark near the center of town and alongside the highly successful light rail.
“This is the third office building we’ve acquired in Charlotte. It is one of Charlotte’s most recognizable assets located in Historic South End.” said Brian Nelson, Managing Partner. “The Arlington location is truly unmatched.”
Originally built in 2003, the office building is part of a mixed use development that also includes a 24 story residential condo building, 14,259 square feet of retail condominiums and a four-level above grade parking deck.
“This building is highly desired by tenants due to its convenient location near the CBD and major highways, ample free covered parking, and high quality building.” said David Moritz, Managing Partner. “We have seven high quality credit tenants with half of leases expiring in 2020 or beyond.”
According to Cushman & Wakefield, who acted as agent on the transaction, the South End submarket has a vacancy rate of just 5%. “The Charlotte office market ended 2015 on a positive note. With the vacancy rate remaining at an historic low, developers and landlords remain bullish on uptown as evidenced by increased asking rental rates and buildings under construction. Average asking rental rates increased by a record 17% year on year to $27.83 per sf in Q4 2015.”
EWC was represented by Roberts & Stevens, Attorneys at Law. Debt financing was provided by Paragon Bank.
East West Capital is an Asheville, NC based real estate company. Since 2013, EWC has acquired over 200,000 square feet of office buildings and over 100 acres of residential land for development in the Carolinas.