CBRE Group, Inc. concluded the sale of an office property in Kings Mountain, NC. CBRE Charlotte’s Patrick Gildea and Matt Smith, alongside Chris Bosworth, Will Pike and Brian Pfohl of CBRE’s Net Lease Property Group, represented the seller, Spirit Realty Capital of Dallas, Texas. New York-based Gramercy Property Group purchased the building on April 4, 2017.
“Despite heavy demand from call center users seeking space in the Charlotte region, there are few properties available that fit the unique needs of this type of user,” said Patrick Gildea, Executive Vice President. “The overall Charlotte market is experiencing the most robust fundamentals on record as of fourth quarter 2016, as the market-wide vacancy is a record-low 7.1%. We foresee that the market will continue to flourish, given the strong demand from users within and outside of the Charlotte region, and the lack of new development outside of select submarkets.”
The property spreads across 14.7 acres, totals 60,000 sq. ft., and is 100% leased to a national customer service provider for use as a call center. It is situated along the border of the Cleveland County and Gaston County submarkets, which are collectively 95% occupied. The demographics and access in the immediate area are ideal for a call center user. Further, it is located in the greater Charlotte region, which is one of the fastest-growing metro areas in the country.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
