CBRE Arranges $11.250 Million Off-Market Sale of Carolina School Supply Company Building in Charlotte, N.C.

CBRE arranged the off-market sale of a 27,142-sq.-ft. office building in Charlotte to Ferncroft Capital, a private real estate investment firm based in Charlotte, for $11.250 million.

Patrick Gildea, Matt Smith, Grayson Hawkins and Robert Hardaway represented the seller, Asheville-based East West Capital.

The three-story office building is located in Charlotte’s central business district at 1023 West Morehead Street and fully occupied by Kuehne + Nagel, MedShift and FWA Group. Built in 1927, the building originally housed the Carolina School Supply Company’s showroom and warehouse until it was renovated in 2000 and repurposed for office use.

The property features a refurbished 1920’s façade with a heavy timber and masonry exterior, 12’ high-beam unfinished ceilings, open workspaces, and an average floor size of 9,047 sq. ft.

“There’s a limited supply of 1920’s brick and timber product in the Charlotte market, and the appeal of this classic property type cannot be easily replicated,” said CBRE’s Patrick Gildea. “The West Morehead area is in the early stages of a rapid expansion that will continue to change the Charlotte landscape for the next five to 10 years.”

Situated south of the Interstate 77 and U.S. Route 29 interchange, the property is just minutes from Uptown and within walking distance of Bank of America Stadium, Rhino Market, Clutch and Pinky’s.