Dealmaker: Cushman & Wakefield Arranges $59M Office Sale

Cushman & Wakefield, Chicago, arranged the $58.5 million sale of a newly constructed Class A office building in Charlotte, N.C.

Cushman Senior Managing Director Rob Cochran, Managing Director Jared Londry and Senior Associate Nolan Ashton represented seller Beacon Partners, Charlotte, in the transaction. An affiliate of Crown Realty & Development, Costa Mesa, Calif., acquired the 182,170-square-foot property.

Located at the intersection of Interstate 485 and NC 16 on 11.7 acres in Riverbend Village, a mixed-use development with multifamily, retail, hotel and medical facilities, the LEED Certified (pending) building is close to Charlotte Douglas International Airport and Interstates 85 and 77. 

Corning Inc. subsidiary Corning Optical Communications, which manufactures fiber-optic telecommunications equipment, occupies the entire asset with 14 years remaining on its lease.

Cochran said the offering presented an opportunity to acquire a Class A single-tenant asset with a long-term net lease and an investment-grade tenant in place, “creating a stable investment with minimal to no capital requirements,” he said Cochran. Londry noted more than 150 potential buyers expressed interest in the asset and 30 placed offers. Crown Realty & Development closed the all-cash transaction in three weeks.