by Rich Haag | Jan 14, 2020 | Business Growth, Commercial real estate, Economic Development, Job Growth in University City
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...
by Rich Haag | Jan 13, 2020 | Commercial real estate, Economic Development
The sale of Innovation Park ranks as Charlotte’s No. 2 biggest commercial-real estate deal of 2019, says the Charlotte Business Journal. The former IBM plant-turned-mega-office center sold for $270 million, making it 2019’s No. 1 suburban office deal, as well. The region’s biggest deal was the sale of the 33-floor Bank of America Tower at Legacy Union, The Business Journal reported in its annual listing of the region’s top 10 deals. Both the Bank of America Tower, which sold for $441.6 million, and Innovation Park, at $270 million, sold for substantially more than the No. 1 sale of 2018, the Regions 615 office building in uptown Charlotte. That building sold for $222 million. Innovation Park, with 1.8 million square feet of offices and a 200-acre campus in University Research Park, was bought in October by Switzerland-based Partners Group and Accesso Partners of Florida. The center houses numerous companies including Allstate, Wells Fargo and AXA, and several thousand workers. The new owners plan to nearly double the amount of office space, add up to 1,000 residences and also develop retail space and other uses, the Charlotte Observer reported at the time of the sale. READ...
by Rich Haag | Jan 10, 2020 | Commercial real estate, Economic Development
Shorenstein Realty Services, which announced plans in October 2019 to redevelop a massive former IBM office-warehouse facility on Solectron Drive, recently bought land that could provide a major entrance on Mallard Creek Road. Shorenstein acquired the longtime Flextronics facility and 51 acres at 6800 Solectron Drive in October for $10.5 million. In November, Shorenstein paid $1.84 million for a total of 12.1 acres plus two homes and a garage along Mallard Creek Road and Penninger Road. With the additional properties, the 6800 Solectron facility now has direct access to Mallard Creek Road. At the time of the purchase, Shorenstein said it planned to convert the 430,000 square-foot building and campus into high-quality Class-A offices with outdoor amenities. The company website says that the office redevelopment will be finished in 2021....
by Rich Haag | Jan 10, 2020 | Commercial real estate, Economic Development
The Charlotte Observer reports that a Tru by Hilton hotel is planned for University Pointe Boulevard at I-85, based on permits filed recently with the city. The location is beside the Holiday Inn Express and Suites at 6020 University Pointe Blvd. Both properties are part of the Belgate Shopping Center. IKEA’s Charlotte store is located nearby. About Tru by Hilton Tru by Hilton targets younger travelers with rooms under $100 per night plus amenities such as digital check-in; a large lobby with areas to work, play games, eat and lounge; and the 24/7 Eat. & Sip. Market, where guests can buy gourmet snacks, drinks, wine and beer. The hotel fitness center features “the latest fitness trends including barre, resistance bands, free weights, cardio and flexibility gear, plus workout ideas offered on fitness center tablets,” says the Tru by Hilton website. Charlotte’s first Tru by Hilton is in the Arsley mixed-use community near I-485 and South Tryon Street. Hilton opened its 100th Tru in November and has 30 more opening soon, including one near Charlotte Douglas International Airport. University City’s growing hotel hub Tru by Hilton will soon join several hotels that are under construction or have opened recently in University City near I-85 and on North Tryon Street. Read the Observer article about Tru by Hilton. Read about University City’s growing hotel hub. Visit the Tru by Hilton...
by Rich Haag | Jan 10, 2020 | Commercial real estate, Economic Development
Novant Health has applied for a rezoning to allow a hospital or medical offices at North Tryon Street and Mallard Creek Church Road, the Charlotte Observer reports. The plan calls for up to 144,000 square feet of surgery centers, clinic space, emergency rooms and/or other health uses on the 23.6-acre site, which is near UNC Charlotte and borders Mallard Creek Greenway and the Thornberry Apartments. Rezoning details The site plan filed with the rezoning says buildings will be no more than four stories (65 feet). The facility will have entrances on both North Tryon Street and Mallard Creek Church Road. A new public street will start at the Mallard Creek Church Road entrance and eventually extend into an undeveloped property at the northwest corner of the site. The plan also calls for an urban open space at the Tryon-Mallard Creek Church Road intersection. The open space will include landscaping, walking paths, seating and other elements. Novant, Atrium Health seeking state OK for more facilities Novant Health and Atrium Health recently filed competing plans for more operating rooms and acute-care beds in the Charlotte area, The Observer reports. Atrium Health University City hospital and Urgent Care are located nearby. OrthoCarolina has offices and a surgical center across North Tryon Street from the proposed facility. Several Novant Health medical practices have offices in University City, including locations on University Executive Park Drive, on Mallard Creek Road, and on Medical Plaza Drive. Read the Charlotte Observer...
by Rich Haag | Dec 11, 2019 | Commercial real estate, Events in University City
University City Partners Executive Director Darlene Heater is among 11 women who were honored on Dec. 9 as ULI Charlotte Champions in Real Estate by the group’s Women’s Leadership Initiative. The new award recognizes the most influential women in the real estate community and land-use sector. “I am honored to be recognized by the Urban Land Institute as a leader in real estate,” Heater said. “ULI Charlotte has been an invaluable resource for University City Partners as a development expert and research source, convener of commercial real estate professionals and industry thought leader.” The 2019 Champions in Real Estate The 11 2019 award winners include leaders throughout the Charlotte region’s real estate community. “Recognized for their contributions to real estate development, land use, and city-building, the Champions reflect the strength of the region’s real estate development industry through the responsible use of land to create thriving communities worldwide,” the Women’s Leadership Initiative said in announcing the 2019 recipients. Along with Heater, they include: Laura Belcher, Habitat for Humanity Charlotte Debra Campbell, City of Asheville Rachel Russell Krenz, Ram Realty Advisors Mary Beth Kuzmanovich, Lillibridge Healthcare Services Elizabeth McMillan, Crescent Communities Dionne Nelson, Laurel Street Partners Alysia Osborne, City of Charlotte Julie Porter, Charlotte-Mecklenburg Housing Partnership, Inc. Ellen Rogers, Bank of America Merrill Lynch Pam Wideman, City of Charlotte About Urban Land Institute and Women’s Leadership Initiative The Urban Land Institute seeks to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. The ULI Women’s Leadership Initiative seeks to promote the advancement of women, throughout their careers, as leaders in the...
