CBRE has arranged the sale of Three Water Ridge, a 107,545-square-foot office building in Charlotte. Perkins Fund, LP purchased the property from AEW Capital Management, LP.
“There are pockets of strength in the Charlotte office market, particularly in class A product.” said Gildea. “The Airport submarket has separated itself from other suburban markets by proving its resilience, posting some of the strongest absorption figures in the market over the last 3 years, behind only the CBD and Midtown.”
The five-story building is located at 2118 Water Ridge Parkway in the I-77 Corridor submarket, proximate to Yorkmont Road, West Tyvola Road and Charlotte Douglas International Airport. Built in 1991 and renovated in 2018, Three Water Ridge provides direct access to Water Ridge Parkway and was 100% occupied to a single tenant at the time of the sale.
“We are thrilled to invest again in the Charlotte market as a whole and specifically in Three Water Ridge,” said Andy English, General Partner, Perkins Fund. “AEW, along with their property management team from Foundry, have done an outstanding job managing and maintaining the property over the years, which only reinforces our opinion that this property has a strong future.”
Fundamentals improved in Charlotte’s office market in the third quarter according to CBRE Research. Over 647,000 square feet of leasing activity was recorded in the quarter, with several notable deals being signed in the Uptown submarket.
Nearly 3.1 million square feet of office space was under construction at the end of the second quarter and overall average asking rates remained steady, increasing less than 1% quarter-over-quarter to $33.46 per square foot.