CBRE Arranges Two-Building Sale at The Quarter Mixed-Use Redevelopment in Charlotte’s South End

CBRE has arranged the sale of two mixed-use buildings at The Quarter, a Class A adaptive reuse project in the vibrant South End neighborhood of Charlotte, North Carolina. Florida-based Ram Realty Advisors purchased the properties for $18.6 million.

Patrick Gildea, Matt Smith, Robert Hardaway, Adam Russ, and Erin Varol of CBRE’s Carolinas Institutional Properties team in Charlotte represented the sellers, FCP & Abacus Capital, in the transaction.

The two buildings, located at 2218 & 2320 Toomey Ave., measure 97,537 square feet and include both creative office and retail space. Both buildings are part of a larger mixed-use project called The Quarter, which includes three redeveloped mixed-use warehouses totaling 131,319 sq. ft. The development includes more than 300 newly built apartments and is surrounded by 2,100 additional multifamily units.

“The Quarter drew strong interest from a variety of local and national investors, driven in large part by the fungibility of the product, which lends itself to either office or retail tenants,” said Mr. Gildea, Vice Chairman and Co-Head of U.S. Office Capital Markets for CBRE. “The offering was attractive to both institutional and private investors. There is a finite amount of space in the South End market, which has continued to prove itself as one of the top submarkets in the Southeast.”