SouthPark Charlotte NC Towers Renovations with New Owners

0

title=

Crestlight Capital bought SouthPark Towers earlier this month. This building, at 6000 Fairview Road, has 14 floors. The Detroit-based company is planning a cosmetic overhaul of common areas and updated amenities.

Like a pair of siblings, the two SouthPark towers stand side by side at similar heights, one with a little more room than the other.

They both house office workers and are close to nearby restaurants, hotels and shopping. They are also owned by the same public entity, according to Mecklenburg County property records. The California State Teachers’ Retirement System purchased the towers in December 2005; one for around $55 million and the other for around $43 million.

Now the buildings are under new ownership. Ridge Capital, a commercial real estate company with offices in Detroit and New York, purchased the two towers this month. The company declined to disclose the sale price.

Public records may give some clues. The first 13-story tower at 6100 Fairview Drive was last valued at just over $71 million. The other tower at 6000 Fairview Road, which has 14 floors, has a total estimated value of around $88 million.

This is the company’s first investment in Charlotte, and business leaders say more are to come.

“When you look at the Southeast as a region, it’s hard to ignore all of the population growth, job growth, and overall economic growth,” Crestlight Vice President Brad Finkel said at Charlotte Observer. “Charlotte is one of the major cities and hubs in the Southeast that has benefited from this population and economic growth.”

Together, the properties are approximately 75% leased and include 534,263 square feet of office space.

Planned renovations

Crestlight was attracted to SouthPark Towers for the high quality and overall good condition. The company also liked the location, including ease of access. The 10 acre site is around the corner from the mall.

Crestlight will renovate both buildings, including aesthetic upgrades to outdoor space and indoor common areas, Crestlight senior vice president Kelly Lim told the Observer. This could include adding new outdoor furniture and landscaping as more people seek outdoor space in the wake of the coronavirus pandemic.

The company could also add an amenity lounge as another place for workers to gather, work and socialize, Lim said.

Finkel declined to say how much they plan to spend on upgrades.

The team retained CBRE to manage and lease the property, according to Crestlight.

This story was originally published May 19, 2022 3:04 p.m.

Charlotte Observer Related Stories

Gordon Rago covers the growth and development of The Charlotte Observer. He was previously a reporter at the Virginian-Pilot in Norfolk, Va., and began his journalism career in 2013 at the Shoshone News-Press in Idaho.

Share.

Comments are closed.