CBRE Arranges Sale of Elizabeth on Seventh Office Property in Charlotte’s Elizabeth Neighborhood

CBRE announced the sale of Elizabeth on Seventh, a 100,537-sq.-ft., Class A+ mixed-use office and retail property located at 1942 E. 7th Street in Charlotte, to Invesco Real Estate, a global leader in the real estate investment management business, for $58 million.

CBRE’s Patrick Gildea and Matt Smith represented the sellers, Crescent Communities and Faison, both Charlotte-based real estate investors, in the transaction.

Delivered in 2022, Elizabeth on Seventh is a four-story property featuring three levels of office space above 20,000 sq. ft. of ground-floor retail. The building includes a four-level parking garage with 357 spaces, providing direct access to each office floor. The property is currently 88.3% leased and is the newest office development in the Elizabeth micro market.

Elizabeth on Seventh is an impeccably designed building that offers column-free floorplates, modern finishes, and sustainability and connectivity certifications including LEED Silver, Fitwel, and WiredScore. The building fits seamlessly into the eclectic neighborhood and helped to catalyze additional growth of retail and office in the immediate submarket. The surrounding neighborhood has seen significant retail growth, with numerous restaurants and shops opening over the past three years.

“The vacancy in Charlotte’s CBD and Midtown submarkets is a mere 3% in the new construction inventory, representing the strength of demand for higher quality office in amenity rich environments,” said Patrick Gildea, Vice Chairman at CBRE. “This sale is particularly notable given that the buyer is one of the nation’s largest investment managers, highlighting the reemergence of institutional office capital for best-in-class office assets.”