Built in 1987, the property is located near Highway 51 at 8000and 8008 Woodfield Center Dr. Once due diligence was completedafter 35 days, escrow took just eight days to close.Robert Podewilsand Eddie Blanton, of Sperry Van Ness/Lighthouse Commercial inCharlotte, represented the buyer. The seller, an Atlanta-basedprivate investor, was represented by George Linville, of LinvilleReal Estate Services. Blanton tells GlobeSt.com that the sellerreceived an unsolicited offer for the property. "It was anoff-market deal," Blanton says.

The property is located in a suburban area of Charlotte that hasbeen experiencing tight conditions, in part because there iscurrently only one development site on the market. "The upside isthat rents have crept up $3 per sf over the past year in thatsubmarket," Blanton says. "They're expected to rise another $2 to$3 per sf this year."

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