CBRE Group, Inc. has arranged the sale of Mallard Creek Center on Cliff Cameron Drive in Charlotte, NC. Patrick Gildea, Will Yowell and Ralph Oldham exclusively represented the sellers, CBRE Global Investors and the State of Utah, in the transaction. The property sold to Charlotte-based Stream Realty Partners on December 23, 2016. Mallard Creek Center, totaling 259,226 square feet, is positioned within University City, Charlotte’s second-largest employment hub with approximately 73,000 employees. University City contributes an annual economic impact of more than $8 billion to the regional economy. Also located in University City is UNC Charlotte; its enrollment is more than 27,000. Mallard Creek Center is located in Charlotte’s Northeast submarket, which has witnessed 12 consecutive
quarters of declining vacancy. The submarket’s rental rate has increased 5.8 percent in the last year.
“The University submarket has become one of the strongest in Charlotte throughout the last few years and we are pleased to see continued regional investment from local ownership,” said Patrick Gildea, Executive Vice President, CBRE. Anchor tenants include Cognizant, Corus360, Farm Bureau Insurance and Securitas.