East West Capital has acquired the office building located at 1800 Continental Boulevard, also know as Patriot Plaza, in Charlotte, North Carolina. The 4 story building is comprised of 127,335 square feet of office space on 7 acres of commercial land.
“Prior to closing, we worked with the seller to lease 100% of the building to two credit tenants for over 5 years.,” said Brian Nelson, Managing Partner. “The stability of the leases plus opportunities for further growth make this an attractive asset for East West Capital and its investors.”
1800 Continental hosts the headquarters of Red Classic, a wholly owned transportation logistics subsidiary of Coca-Cola Bottling Co. Consolidated, the largest independent Coke® bottler in the US. (NASDAQ: COKE). It also serves as the headquarters of Snap AV, a national technology and services company owned by a major private equity firm.
The building is located in the airport submarket of Charlotte, and adjacent to several million square feet of warehouse. It is the largest suburban market in Charlotte, and it has experienced increased demand with limited new supply.
Originally custom built in 1995 as Continental AG’s North American headquarters, the building has been well maintained and has ample parking for tenants.
“The quality of this building stands out in the submarket,” said David Moritz, Managing Partner. “It has a modern lobby atrium, large floor plates and natural light. This design plus significant investments in high-tech creative spaces provide an advantage to retain tenants and lease in the future.”
The property is near two major interstate highways, I-77 and I-85. It is a half mile to major retail, restaurants and hotels, and 15 minutes to downtown and the Charlotte Douglas International Airport. Amazon recently chose a site next to the airport to develop a $200 million state-of-the-art automated facility, which it promises will bring at least 1,500 new jobs to the area.
“We think the timing is good. Rental rates in the CBD and midtown are being pushed upwards, and there is limited new construction. Businesses will continue to value high quality space with parking and access to the airport submarket,” said Mr. Moritz.
The acquisition of 1800 Continental is East West Capital’s seventh office building acquisition in the Carolinas.