Major employer leases half of office building near LYNX

Major employer leases half of office building near LYNX

One of University City’s first office buildings has officially been reborn with the announcement on Jan. 14 that Principal Financial Group will occupy more than half of Proximity Park, at 401 McCullough Drive. Built in 1973 and renovated over the past year by new owner Tempus Realty Partners, the three-story office building holds about 205,000 square feet of space. Principal Financial Group, a major investment management and insurance company, will occupy the full third floor and part of the second floor, the Charlotte Business Journal reports. The company plans to begin moving in next summer. Based on industry averages, the 106,000 square feet of office space leased by Principal could accommodate roughly 600 people. Principal acquired Wells Fargo’s Institutional retirement and trust business last summer, including an employment center in Charlotte, The Business Journal reports. Read the full article   About Proximity Park Proximity Park is situated on a 32-acre campus beside I-85. Allstate had its Charlotte offices there until relocating to Innovation Park, the former IBM facility that now houses several major Charlotte employers. Tempus Realty Partners bought the property in 2017 and has spent more than $8 million on renovations. Colliers International is handling leasing. A big selling point is the property’s easy access to Uptown Charlotte via both I-85 and the LYNX light-rail line. Marketing materials say that the McCullough Drive LYNX Station on North Tryon Street is just a 7-minute, half-mile walk away. The property also has abundant parking and room for a second building. Jamie Boast, Chris Schaaf and Olivia Matthews with JLL represented Principal in leasing Proximity Park, and Brad Grow, Chandler Knox...
Tech firms are reshaping University City

Tech firms are reshaping University City

Charlotte has become a hot location for technology-based businesses, and many of these new, emerging or expanding companies are helping transform University City, as well. Check out these recent news stories: “Charlotte’s growing tech sector contributing to surge in office rental rates” The Charlotte Business Journal reports that rental rates are surging in Charlotte and nationwide, with growth in tech industries a major reason. CBRE, a national company that manages and leases commercial real estate, has designated Charlotte’s northeast submarket, which includes University City and University Research Park, as a prolific technology submarket here. Innovation Park, the former IBM manufacturing plant turned office park, is among several University City office buildings that have been sold, leased out, or announced for construction in the last few months.  MORE “Data analytics firm launched at UNC Charlotte (plans) to expand, add 200 jobs” UNC Charlotte reports that Stratifyd, a tech startup founded at UNC Charlotte, will expand its operations and add at least 200 jobs. The firm, launched in 2015 by former UNC Charlotte professor Derek Wang and two students, Li Yu and Thomas Kraft, grew out of research on the ways augmented intelligence could ingest, analyze and visualize structured and unstructured data. MORE “When the kitchen table just won’t do: 18 coworking spaces in the Charlotte area” CharlotteFive recently offered a look at this rapidly growing segment of the office market, where small businesses can find flexible space and, often, like-minded entrepreneurs. Making the list is Office Evolution Charlotte, located in the Two Resource Square building at University Research Park....
Commercial real-estate update

Commercial real-estate update

UNIVERSITY HIGHLANDS – FOUR RESOURCE SQUARE – SUVIDHA INTERNATIONAL MARKET Expanding United Rentals leases URP building United Rentals has begun hiring for 150 new positions as it shifts its Charlotte offices to University Research Park. The Stamford, Conn.-based equipment-rental company expects to completely fill the University Highlands building with nearly 500 employees by mid-2020. The 97,596- square foot office building, owned by Mohr Capital, is at 10330 David Taylor Drive. MORE   Four Resource Square office building sells for nearly $24.8 million The company that recently bought Resource Square office buildings One, Two and Five in University Research Park has added Resource Square Four to its portfolio. TerraCap Management of Florida paid nearly $24.8 million for the 151,849-square-foot building at 10735 David Taylor Drive.  “Resource Square IV is the fourth building we’ve acquired in the vibrant University submarket, providing us with a critical mass of product, which allows for economies of scale operations and increased leasing efficiencies,” said Steve Good, Partner and Director of Acquisitions at TerraCap.” MORE   Suvidha International Market opens near campus University City’s appetite for international flavors gets another boost with the recent opening of Suvidha International Market at 10008 University City Blvd. Suvidha has locations in Georgia and North Carolina, offering a wide range of Indian and Pakistani groceries including fresh Indian produce. Visit the store’s website and Facebook page to learn more and get details of current...
University City’s hotel hub rolls out the welcome mat

University City’s hotel hub rolls out the welcome mat

University City’s popular hotel hub keeps growing and improving, thanks to easy access to uptown, campus, Charlotte Motor Speedway and University Research Park. Completion of the UNC Charlotte Marriott Hotel and Conference Center, Hyatt Place, and Fairfield Inn and Suites will bring our hub to 22 facilities near North Tryon Street and Harris Boulevard. Hampton Inn and Suites, a short walk from the McCullough Drive LYNX Station, recently finished a refresh. See our directory (below) to learn who else is here!   Marriott Hotel and Conference Center taking shape at UNC Charlotte The UNC Charlotte Marriott Hotel and Conference Center will bring new energy to the North Tryon Street edge of campus when the facility opens in early 2021. The 221-key full-service hotel will have a two-story lobby, specialty restaurant and premier conference facilities designed to attract higher-education conferences, promote distant-learning business, and host both private and university-tied social functions. Besides hosting many campus events, the facility will certainly attract visitors coming to Charlotte for major events in uptown. An overhead walkway will link the hotel directly to the JW Clay Blvd LYNX Station. Learn more   Fairfield Inn and Hyatt Place coming near I-85 Fairfield Inn and Suites and Hyatt Place hotel will join a cluster of hotels already operating near the I-85 exit at West W.T. Harris Boulevard near I-85. Fairfield Inn and Suites, with 104 rooms, is at 535 Collins-Aikman Drive, next to the Homes2Suites by Hilton. Learn more Work started recently on the Hyatt Place Charlotte-University, located next to the Fairfield Inn and Suites. Learn more   Hampton Inn welcomes new LYNX-attuned guests The Hampton...
Coming soon in University City

Coming soon in University City

New retail, dining, apartment homes and a police station are coming soon to University City. Here are the details.   City approves $9.5 million to build new University City police station The future home of the University City Police Division took a big step forward in August, when Charlotte City Council approved spending more than $9.5 million for its construction. The new building will be at 8452 N. Tryon Street at Ken Hoffman Drive, within a quarter mile of the McCullough Drive LYNX station and next to Charlotte Fire Station 27. The building will have 16,081 square feet of space. The University City Division currently has its headquarters nearby at University Executive Park. More   Grand opening on Oct. 3 of new Chick-fil-A University Place The seemingly always busy Chick-fil-A University Place is relocating to its new and much bigger home nearby, at 8700 University Executive Park Drive. at West W.T. Harris Blvd. The grand opening is set for Oct. 3. The public is invited to attend the ribbon cutting at 9 a.m. The new restaurant building and grounds will be double the size of the current store on J.W. Clay Boulevard, including both a much bigger kitchen and a high-volume drive-through system with two lanes capable of holding up to 34 vehicles. The University Place location will close for good on Saturday, Sept. 28. Chick-fil-A worked with city and University City Partners planners on site design issues such as vehicle screening and sidewalks. Follow Chick-fil-A University Place’s Facebook page for details regarding the grand opening. Worship Night on Oct. 1 at the Chick-fil-A University Place The public is invited...
Under Way: Office building renovations and major upfits

Under Way: Office building renovations and major upfits

The crane looming over the ATAPCO apartment building on North Tryon Street is the biggest sign by far of a building boom across University City – but hardly the only one. Here’s a rundown of office building renovations and major office upfits in University City. More “Under Way” reports: Hospitality, dining, shopping and greenway Campus hotel-conference center, science building and more Apartments and townhomes Proximity Park – 401 McCullough Drive. The longtime former home of Allstate Insurance is undergoing major redesigns inside and out to go with its new status as the single biggest available suburban office building on the 19-mile LYNX light-rail line. Collier International is handling the building transformation and marketing. More about Proximity Park. The Grove – Mallard Creek Road at West W.T. Harris Boulevard. A building permit was issued recently for office renovations in building 8615 for Armstrong Transport Group, a leading national logistics company founded by UNC Charlotte grad Christopher Cobb. Additional building permits have been issued to upgrade parking lots. The Grove is owned and leased by Stream Realty Partners. More about The Grove. More about Armstrong Transport.   Four Resource Square – 10735 David Taylor Drive in University Research Park. A building permit was issued recently for office renovations for Acuity Healthcare. Acuity Healthcare operates long-term acute-care hospitals. The company headquarters currently are at 10200 Mallard Creek Road. More about Four Resource Square. More about Acuity...