CBRE Facilitates Sale of Forest Park IV in Charlotte

CBRE announced the sale of Forest Park IV, a 64,198-sq.-ft. flex property located at 600 Forest Point Circle in Charlotte, North Carolina, to Greenleaf Capital for $11 million.

CBRE's Matt Smith, Patrick Gildea, Robert Hardaway, Kris Westmoreland and Alek Salfia represented the seller, CB Equities, in the transaction.

Situated on 7.28 acres within the Forest Park business park, Forest Park IV is a single-story flex property in Charlotte's Airport submarket. Delivered in 1999, the building recently underwent an office-to-flex conversion and features 16-foot clear heights, three dock-high doors, one drive-in door and parking for 360 vehicles.

Forest Park IV was 100% leased at the time of sale to three tenants: Flexential, Tranzact and Preferred Electric Company, Inc. The property is located within the Forest Park business park, which has recently attracted significant investment, including a new 45,000-sq.-ft. North American headquarters for Schubert North America and a 56,000-sq.-ft. office and warehouse facility for LESER US.

“Fundamentals are robust in the single-story office/industrial space, particularly in the Airport submarket,” said Matt Smith, Senior Vice President at CBRE. “With vacancy at just 5.5%, investor appetite remains strong for well-located flex assets that offer stable occupancy and functionality for a broad range of users.”

“We are actively seeking single-story office and flex properties in core markets throughout the Southeast,” said Josh Friedensohn, Co-Founder & Partner, Greenleaf Capital. “Forest Park IV checked all the boxes for us, with its strategic location, strong tenancy and flexibility for future users. We're excited to add the asset to our portfolio and continue pursuing similar opportunities across the region.”

Located just south of Charlotte Douglas International Airport, Forest Park IV offers immediate access to Interstates 77 and 485, providing connectivity throughout the Charlotte region.