CBRE Arranges Sale of 64,198-SF Office Building in Charlotte, North Carolina

CBRE has arranged the sale of Forest Park IV, a 64,198-square-foot office building in Charlotte, N.C. CB Equities, LLC, purchased the property from Franklin Street Properties Corp. for $9.2 million.

CBRE’s Matt Smith, Patrick Gildea, Grayson Hawkins and Robert Hardaway represented the seller in the transaction.

“Single story product remains a bright spot despite headwinds in the broader office market,” said Smith. “The physical characteristics create optionality that appeal to a variety of tenants, allowing ownership flexibility in their business plan. The sale of Forest Park IV represents a green shoot in the market, in which buyers are beginning to think outside of conventional executions and use creativity when repositioning assets.”

The one-story building is located at 600 Forest Point Circle in the Airport/I-77 submarket, within 15 minutes to Charlotte Douglas International Airport and Uptown Charlotte. The property was built in 1999 and features a fitness center, a conference/training center, floor-to-ceiling glass and a parking ratio of 5.7 spaces per 1,000 square feet.

According to CBRE’s Spring 2023 U.S. Office Occupiers Sentiment Survey, office attendance levels at 60% of surveyed companies have reached a long-term steady state, up from 43% last year. Those new steady-state attendance levels are often lower than before the pandemic. Still, 38% of companies anticipate their attendance levels to increase in the future.