Commercial Confidential: 4500 Cameron Valley Parkway

SOUTHPARK – When the eponymous building at 4500 Cameron Valley Parkway recently hit the market, it didn’t face the same troubles that used to plague buildings during the recession.

4500 Cameron Valley Parkway, which is 100 percent leased, sold on July 31 for $11.89 million. Photo courtesy of Cassidy Turley.

No, the problem wasn’t searching high and low for a buyer or offering the building at a cut-rate price to get a deal done. The problem was fighting off all the interest from prospective buyers in order to finish that deal.

Rob Cochran, senior managing director in the Charlotte office of Cassidy Turley who was part of the sales team, said around 75 different parties showed interest in and made a move on the building.

An affiliate of Charlotte-based The Keith Corp. on July 31 ended up buying 4500 Cameron Valley Parkway for $11.89 million. Built in 1989, the 58,445-square-foot, Class A building is 100 percent leased with tenants such as Merrill Lynch and Lincoln National Life Insurance Co.

Cochran said he wasn’t surprised at the level of interest in the SouthPark building. Who wouldn’t want a fully-leased building in one of the best office submarkets in the city, he asked without wanting a response – which would have been “evidently not 75 people.”

He said that for a building like 4500 Cameron Valley, the strategy of the new owner shouldn’t change much from what it’s been. It’s hard to get a building fuller than 100 percent.

“On a deal like this it’s more keeping the status quo,” he said. “There have been some buildings that might trade some vacancy (with a new owner), but this building is pretty stable.

“You’ll see the new owner put their mark on it from a marketing standpoint, but they want to be careful not to change too much.”

Building name: 4500 Cameron Valley Parkway

Address: 4500 Cameron Valley Parkway in SouthPark

Square footage: 58,445

Year built: 1989

Owner: An affiliate of Charlotte-based The Keith Corp.

Major tenants: Merrill Lynch, Lincoln National Life Insurance Co., Yadkin Valley Bank and Trust Co., Grubb Properties, Scott & Stringfellow, LLC