CBRE Arranges $7.8 Million Sale of 99% Leased Flex Building in Charlotte

CBRE has arranged the sale of Park Cedar Business Park, a one-story, 54,018-square-foot flex building in Charlotte, North Carolina. The property was bought by New Jersey-based Mava Capital LLC for $7.8 million. The sale closed on June 5.

Matt Smith, Patrick Gildea, and Robert Hardaway of CBRE’s Carolinas Institutional Properties team, along with CBRE’s Anne Johnson and Bryan Crutcher, all based in Charlotte, represented the seller, a partnership affiliated with Waters Investments Inc.

“Park Cedar is an exceptionally well-located asset with proximity to strong demographics, high barriers to entry, and limited competition,” said Mr. Smith, First Vice President with CBRE in Charlotte. “This generational asset will provide stable cash flow and optionality as Charlotte continues to grow.”

Located at 10100 Park Cedar Dr. in south Charlotte, Park Cedar is a single-story flex building that is 99% leased to 15 tenants. Tenants include design studios, custom homebuilders, a marketing research firm, a printing company, and a roofing contractor. Sitting on approximately 5 acres, Park Cedar is conveniently located south of downtown Charlotte and at the intersection of Interstate 485 and Interstate 77.