Debt & Structured Finance

Originally published by Charlotte Business Journal A Charleston, West Virginia-based company recently acquired its second office building in Charlotte. RealCo purchased Live Oak, an 81,921-square-foot office building at 8701 Red Oak Blvd., for about $15.88 million on Dec. 16, according to Mecklenburg County real estate records. It bought the property from Tempus Realty. The five-story building, off West Arrowood Road and near Interstate 77, was 100% occupied at the time of the sale to tenants such as Beckhoff Automation, Accordius Health and Martineau King. Tempus Realty was represented by CBRE’s Patrick Gildea, Matt Smith and Grayson Hawkins. Katie Elliott of the Stan Johnson Co. and JLL’s Paul Hanna represented RealCo in the transaction. Tempus Realty purchased the property — built in 1989 — for $7.8 million in 2017. The building has since received HVAC upgrades, an elevator modernization and lobby renovations, totaling more than $1 million. “While scrutinized during the pandemic, suburban office tenants remain active from a leasing and capital markets standpoint,” Gildea said. He noted that "the airport submarket in particular is witnessing strong activity." RealCo first entered the market in 2010 with the acquisition of an office property at 13730 S. Point Blvd. The company paid $2.63 million for that 5.37-acre site, according to Mecklenburg County records. "Charlotte remains at the top of the list for out-of-market investors," Smith said. "The South End and CBD continue to grab the headlines, but new-to-market capital continues to invest in all areas of Charlotte."  

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Westover Village located at 751 Alta Mere Drive in Fort Worth, Texas. The 7,500-square-foot unanchored shopping center was marketed on behalf of ownership by Anne Perrault of Stan Johnson Company. The center was acquired by a 1031 exchange buyer based out of Dallas, Texas. “We were able to secure multiple offers during our pre-marketing phase, ultimately signing up the deal at the anticipated full asking price,” said Perrault, Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “This high-quality Target outparcel was a great fit for the selected buyer’s 1031 exchange.” Situated on 1.2 acres just eight miles from downtown Fort Worth, the strip center was constructed in 2021 and is fully leased to three tenants: Aspen Dental, Visionworks and Tropical Smoothie Cafe. All tenants operate on long-term net leases. The shopping center is an outparcel to a free-standing Target with other neighboring retailers including Burlington, Big Lots and ALDI, among others.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a quick service restaurant located at 2741 Southwest Military Drive in San Antonio, Texas. The 2,336-square-foot retail property is fully leased to Chipotle. Anne Perrault of Stan Johnson Company represented the seller, a Dallas, Texas-based developer. The 1031 exchange buyer was a private equity group located in Charlotte, North Carolina. “This particular asset was in a core, major Texas metro area, and with a long-term corporate Chipotle lease, the property received a lot of attention from the market,” said Perrault, Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “We were very excited for the developer to close the deal at an outstanding cap rate.” The newly built property is located less than half a mile from San Antonio’s South Park Mall and other national retailers including Target, Academy Sports + Outdoors, Lowe’s, Sam’s Club, and many others. Situated on 1.23 acres, the site reflects the newest Chipotle prototype and features a “Chipotlane” drive-thru.