CBRE Announces $11 Million Sale of 81K-SF Flex Building in Southwest Charlotte, North Carolina

CBRE has announced the sale of Scarlet Oak, an 81,118-square-foot office/industrial flex building in southwest Charlotte, to a joint venture between Somerset Properties Inc. and ABR Capital Partners for $11 million. The property was 84% occupied at the time of closing and owned by Griffin Partners.

CBRE’s Patrick Gildea, Robert Hardaway and Matt Smith represented the seller, Griffin Partners, in the transaction. Prior to the sale, Alek Salfia, Joe Franco and Kris Westmoreland with CBRE leased the property on behalf of Griffin Partners.

Built in 1981 and renovated in 2022, the flex asset is located at 8700-8702 Red Oak Blvd. It accommodates a variety of office/warehouse uses and features 17’14” clear heights and 17 dock-high, drive-in doors. The property’s recent upgrades include a new outdoor amenity space, improvements to the exterior and new paint, installation of a new backflow preventer, and resealing/restriping of its 245-space surface parking lot.

The building is part of Griffin Partners’ The Oaks, a four-building flex industrial portfolio totaling 251,591 square feet. CBRE arranged the $9.25 million sale of another building in the portfolio, English Oaks, in November 2023.

“Attracted to the exceptional fundamentals, we are seeing capital rally around the flex industrial space,” said CBRE’s Smith. “Scarlet Oaks marks the latest trade in a growing list of transactions over the past 18 months.”

The property sits on 12.77 acres in the northwest corner of the I-77 and W. Arrowood Rd. interchange. It provides tenants easy access to Interstates 77, 85 and 485, and is seven minutes from Charlotte-Douglas International Airport.

The Charlotte industrial market recorded $277.8 million in sales in the fourth quarter of 2023, pushing last year’s annual volume to $796.2 million, according to CBRE Research.