Monday, August 12, 2013

SouthPark office building sells for nearly $12 million

A 58,445-square-foot office building near SouthPark Mall has sold for $11.89 million, officials said Monday. The building, at 4500 Cameron Valley Parkway, was bought July 31 by principals of the Keith Corp., the Charlotte real estate development firm. The building, which is fully leased, sits on the other side of Fairview Road from Phillips Place, and includes tenants such as Grubb Properties, Merrill Lynch and Yadkin Valley Bank and Trust Co.

Rob Cochran, head of commercial real estate services firm Cassidy Turley's Carolinas Capital Markets Group, joined colleagues David Finger, Addison Montague and Jared Londry in representing the sellers -- three companies controlled by local investors. He said the four-story building's sale price exceeded his firm's expectations. He attributed that to the building's prime location, quality construction and strong tenant roster. "We had a lot of investors that were looking at this opportunity and we got a lot of offers on the property," he said. "It was no surprise that there was significant investor demand."