Another major piece of the former IBM campus in University Research Park has sold to a company with big plans for redevelopment.
Shorenstein Properties has bought a 490,000 square-f00t building and 51-acre campus at 6800 Solectron Drive, directly across IBM Drive from Innovation Park – the business park that operates in the former main IBM facility. Innovation Park also has new owners with plans for major expansion (read article).
Shorenstein Properties, based in San Francisco, paid $10.5 million for the building and property at 6800 Solectron Drive.
In a news release about the sale, the new owner said it “intends to extensively redevelop the property into a high-quality Class-A office project with outdoor amenity space, increased parking capacity, and enhanced access to surrounding roadways.”
Roughly one third of the building currently is office space; the rest is warehouse space. Built in 1982 as part of IBM’s manufacturing facility here, the building for many years was leased by Flextronics before the company closed its Charlotte operation.
The previous owner, Westcore Properties, announced plans in 2018 to redevelop the building for office space.
Shorenstein attracted by great business neighbors and location
In explaining its decision to buy and redevelop the property, Shorenstein notes in its news release that the property sits in the heart of the University City submarket of Charlotte and directly across IBM Drive from Innovation Park.
“University City has long been a dynamic corporate hub and educational epicenter for the city of Charlotte, and we are pleased to expand our footprint in the region with the acquisition of 6800 Solectron,” said Matt Knisely, Managing Director at Shorenstein Properties.
“Home to nearly 25 Fortune 500 companies, the area comprises more than four million square feet of office space for businesses that operate across a broad range of industries, including technology, energy, finance and healthcare,” the release continues.
“With superb access to I-85, I-485 and the brand new Lynx light rail extension – in addition to being a short 20-minute drive from Charlotte Douglas International Airport – 6800 Solectron provides unparalleled access to the greater Charlotte region and the evolving University City community.”
Several of those Fortune 500 companies have offices at nearby Innovation Park. Redeveloped over the past decade, Innovation Park is now nearly fully leased by companies including AXA, Wells Fargo and Allstate.
Innovation Park recently sold for $270 million. Its new owners, Partners Group and Accesso Partners, have announced plans to add substantially more office space plus residences and retail space.
About Shorenstein Properties
Shorenstein Properties LLC, founded in 1924, is a privately-owned real estate owner and operator of office, residential and mixed-use properties across the US.
In Charlotte, Shorenstein owns and is redeveloping Camp North End, a former 76-acre industrial site just northeast of uptown.