Value-add Charlotte office building sold in off-market deal

CHARLOTTE, N.C., February 24, 2020 – JLL Capital Markets announced today that it has closed the sale of a 67,949-square-foot, vacant, value-add office building in Charlotte, North Carolina.

JLL represented the seller. Exeter Property Group purchased the asset in an off-market transaction.

Situated on 4.35 acres at 5815 Westpark Drive, the building is in an infill location and conveniently next to Interstate 77, which, as Charlotte’s most travelled interstate, provides connectivity to the entire Charlotte MSA. Additionally, proximity to Woodlawn Road, South Boulevard and Tyvola Road provide easy access to Charlotte’s urban core, the surrounding residential communities and Charlotte-Douglas International Airport. Completed in 1984 and renovated in 1996, the two-story building features highly flexible floorplans stemming from its previous architectural tenant; a two-story glass-lined entrance and lobby area; private meeting and conference rooms; and a blend of creative workspace mixed with private offices.

The JLL Capital Markets team representing the seller was led by Senior Directors Chris Lingerfelt and Zack Drozda and Senior Managing Director Ryan Clutter. Fred Knapp, who is a principal of Exeter Property Group, led the acquisition.

“Vacant office buildings in an infill location within the Charlotte MSA are rare opportunities and a repositioned 5815 Westpark Drive will offer future prospective tenants a great option,” Lingerfelt said.  “We are excited to see a bright future for this asset.”

Exeter will begin immediately with a full renovation to include new amenities, outdoor common areas, building automation systems and a complete exterior reskin, offering expanded glass window lines and a modern curb-appeal. The project is expected to deliver and be ready for occupancy by the fourth quarter of 2020.

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 best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Exeter Property Group, with nearly $20 billion in AUM, is among the largest real estate investment managers in the world, focused on acquiring, developing and managing logistics/industrial and office properties across the U.S., Mexico, Europe and Asia. As hands-on operators with more than 30 regional offices, Exeter Property Group combines its local execution and global scope to deliver superior real estate solutions to its tenants while providing its investment partners with some of the industry’s leading and most consistent value-add, core-plus and core returns, as proven against prominent global benchmarks.