New Class A office building in Charlotte sold for $8.27M
JLL Capital Markets closed the sale of the property in Charlotte’s urban core
CHARLOTTE, June 29, 2020 – JLL Capital Markets announced today that is has closed the $8.275 million sale of 605 Lexington Ave., a newly constructed, fully leased, 18,282-square-foot, Class A office property in a highly sought-after location in Charlotte’s South End/Midtown submarket.
605 Lexington is situated on .785 acres along the tree-lined Lexington Avenue in the fastest-growing and tightest submarket in Charlotte, South End/Midtown. The property’s transit-oriented location is two blocks from the Carson Boulevard light rail station and the Charlotte Rail Trail, allowing easy access to public transit and walking distance to some of the most populated residential areas in South End, Uptown and Dilworth. Completed in the summer of 2019, the three-story 605 Lexington Ave. features a brick and glass façade and innovative modern design along with best-in-class tenant buildouts, lobby, floor-to-ceiling windows, creative meeting space, private conference rooms, a private patio and executive offices. Additionally, the property has ample surface parking with a ratio of 3.0/1,000 RSF, which is one of the highest parking ratios in the area.
The JLL Capital Markets team representing the seller was led by Senior Director Christopher Lingerfelt, Director Zack Drozda and Senior Managing Director Ryan Clutter and Managing Director Hal Kempson.
“605 Lexington was heavily pursued despite numerous headwinds during these unique times,” Lingerfelt said. “This is a testament to an exceptionally well-executed office development. 605 Lexington is poised to be a strong performer for years to come.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Selwyn Property Group
Selwyn Property Group is a leader in Southeastern industrial, office, retail and infill residential asset management, acquisitions, development and brokerage, which offers a proven track record of performance and public-private cooperation, a growing real estate portfolio and more than 100 years of combined industry experience. Its commercial real estate project experience is concentrated in the Carolinas, Virginia and Georgia, where Selwyn Property Group’s partners have developed properties in excess of over $1 billion and total more than 12 million square feet.