Tuesday, September 2, 2014

New owners for Carolina School Supply building on Morehead

A real estate investment group from Asheville has bought the old Carolina School Supply building on West Morehead for $3.7 million. John Vickers of KW Commercial represented the buyers.

East West Capital closed on the 30,000-square-foot office building last week. The 1927 building, listed on the National Register of Historic Places, was renovated in 2000. "We think it's been renovated really nicely so we don't plan any long-term structural changes," said Brian Nelson, managing partner of East West Capital.

He added that the purchase is his company's first in Charlotte. He and his partner, David Moritz, have mostly invested in Asheville and western North Carolina, but are looking to do more in Charlotte, especially its central business district. Vacancy is down to 8.6 percent and asking rates on properties have risen for six consecutive quarters, reaching their highest since 2009, he said.

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