Charlotte Office Building Fetches Double Its Purchase Price From 2017

Katie Elliott brokers Charlotte office building sale for $15.9 million

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."

 

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