CHARLOTTE, NC-A New York-based private investor has acquired the two-building, 100,000-sf Woodfield Corporate Center for $11.3 million. It is 90% occupied.

Built in 1987, the property is located near Highway 51 at 8000 and 8008 Woodfield Center Dr. Once due diligence was completed after 35 days, escrow took just eight days to close.Robert Podewils and Eddie Blanton, of Sperry Van Ness/Lighthouse Commercial in Charlotte, represented the buyer. The seller, an Atlanta-based private investor, was represented by George Linville, of Linville Real Estate Services. Blanton tells that the seller received an unsolicited offer for the property. “It was an off-market deal,” Blanton says.

The property is located in a suburban area of Charlotte that has been experiencing tight conditions, in part because there is currently only one development site on the market. “The upside is that rents have crept up $3 per sf over the past year in that submarket,” Blanton says. “They’re expected to rise another $2 to $3 per sf this year.”

According to a Colliers Pinkard Q4 office market report for Charlotte, leasing was steady throughout the year. At the end of the year, there was an 11.5% vacancy rate with 1.5 million sf of net absorption and average rental rates of $18.40 per sf. The report notes that the investment sales market has been very strong.

“The red hot investment market had a record breaking year of over $1 billion in sales,” the report states. “With class A building cap rates falling in the 6% range, record sales prices are being set quarterly.”

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