A partnership between Shopoff Realty Investments, Praelium, and an affiliate of Singerman Real Estate LLC, has purchased Three Resources Square, a four-story, Class A, 126,500-square-foot office building in Charlotte, North Carolina.
Situated on nearly four acres, the building is currently anchored by Republic Services Inc. (NYSE: RSG), a waste disposal company with a $38.6 billion market cap and a Moody’s rating of Baa2.
“This property is well-positioned in the University Tech market of Charlotte, which has seen an influx of high-profile firms in recent years, including Credit Karma, Lending Tree Lowe’s, and Centene Corporation,” said William Shopoff, president and chief executive officer. “With a prime location, and an investment-grade tenant like Republic Services, we are confident this property will provide a solid investment for the partnership.”
Shopoff, Praelium and SRE plan to perform value-add improvements to the property, including potentially updating common areas and outdoor space, adding a tenant lounge, indoor/outdoor space, and upgrading gym facilities.
Scott G. San Filippo, founding principal of Praelium, said that “Charlotte continues to emerge as one of the strongest office growth markets in the country, having recently surpassed pre-pandemic total employment for the metro as well as the percentage of office workers accessing their physical workspace compared to the national average.”
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 30-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets.