The CBRE Strategic Partners U.S. Value 9 fund has bought The Line, a 314,221-square-foot office building in the South End neighborhood of Charlotte, North Carolina, through a joint venture agreement with Portman Holdings.
”The Class A property is aligned with the firm’s commitment to investing in high-quality office assets in strong-performing markets that have shown resiliency to the headwinds of the global pandemic,” said CBRE Investment Management in a statement.
Located at 2151 Hawkins Street, The Line is a newly completed, 16-story responsive office building that features an abundance of shared working spaces, a sky lobby, an exclusive amenity terrace for tenants, open air plaza, green shared lawn, multiple outdoor decks, bike room, lockers, showers, covered parking, electric car charging stations and 24,000 square feet of retail space.
The LEED Silver- and Fit Well-certified property benefits from various wellness aspects including 24/7 indoor air quality monitoring, MERV 13 clean air filters, and touchless features throughout the building.
The office building also has convenient access to public transit via the LYNX Blue Line light rail system and the 3.5-mile Rail Trail, the most highly trafficked walking path in Charlotte.
The acquisition of The Line represents the most recent investment by CBRE Investment Management in the Charlotte area. The firm, through other investment vehicles, has a mix of investments in the area, including a 350-unit apartment building, 25,000 square feet of retail space, and an 85,000-square-foot, single-story office building.
“We are committed to investing in multiple asset classes in the South End neighborhood as it fits with our broader placemaking strategy to attract more people to live, work and play there,” said Sondra Wenger, Head of Americas Commercial Operator Division for CBRE Investment Management.
“When a neighborhood is an asset’s biggest amenity, we believe that every dollar invested in the cluster – whether it be in retail, well-amenitized apartments or quality office space – will indirectly increase the value of all assets in that cluster. We look forward to more opportunities to grow our partnership with Portman,” she added.
Mike McDonald and Jonathan Napper of Cushman and Wakefield represented the seller in the transaction.
The Line benefits from its location in the heart of the rapidly growing and urban-dense South End neighborhood which features several restaurants, retail stores, coffee shops, bars, and grocery stores, as well as several high-end multifamily developments.
According to CBRE Investment Management’s research, the Charlotte office market employment rate is expected to outpace the national average over the next five years. This growth is expected to generate even greater demand for quality office space in the city, particularly in the South End area.