Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, and its co-investment partner Praelium Commercial Real Estate have purchased a 125,000 square foot single-tenant triple net leased office property located in Charlotte, North Carolina.
Located at 4100 Stream Boulevard within Charlotte’s I-77 Corridor, the office building is currently 100 percent leased to AT&T, the world’s largest telecommunications company, as its Charlotte, North Carolina headquarters. The property is within close proximity to the I-77, I-485, LYNX Light Rail Line, as well as the Charlotte Douglas International Airport.
“The property’s location in a highly desirable and growing submarket of Charlotte, along with the building quality and investment-grade tenant, made this asset very attractive to our team,” explained Shopoff Realty Investments president and CEO William Shopoff. “As the market continues to mature, we believe the property will benefit from potentially higher market rental rates and a subsequent property value increase.”
Charlotte’s population has also increased 16.8 percent since 2000 according to U.S. Census Bureau estimates.
“Charlotte continues to be a draw for companies looking to relocate as it features a low cost of doing business, is in a business-friendly state and has a strong infrastructure,” Shopoff added. “We’re confident that if the current tenant does not renew their lease at expiration, we’ll be able to secure another tenant(s) for the space and at a potentially higher market rate.”
Built in 1988, the four-story office building is situated on nine acres and is adjacent to the new City Park project, a 155-acre mixed use development that includes retail, restaurants, a hotel and 15 acres of parks and greenspace.
In other Shopoff news, the company recently sold Point at Centennial, formerly Sky Pointe Landing, a 624-unit multifamily apartment community located in Las Vegas, Nevada, for $100 million.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 26-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. The 26-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).