Three office buildings at the Coliseum Centre office park have been listed for sale with CBRE.
Will Boye
Senior Staff Writer- Charlotte Business Journal
Three buildings totaling just over 500,000 square feet at the Coliseum Centre office park off Charlotte’s Tyvola Road have been listed for sale with CBRE Group Inc.
The Three, Five and Six Coliseum Centre buildings were listed for sale about a month ago by the owner, a joint venture between Vision Properties and CarVal Investors.
Vision and CarVal, a subsidiary of Minneapolis-based Cargill, purchased the six-building Coliseum Centre office park off Tyvola Road for $103 million in April 2012. Since then, the joint venture has sold three of the buildings for approximately $81 million.
Three Coliseum Centre totals 200,000 square feet, while the other two are each approximately 150,000 square feet in size. The three buildings are about 88% leased.
CBRE is pitching the properties as a stable investment opportunity with some potential leasing upside: Five Coliseum Centre is leased by LPL Financial, which may not renew its lease at the building. That could create a 150,000-square-foot contiguous block of vacant space, something that economic developers say Charlotte needs in order to keep landing corporate relocations. LPL’s lease doesn’t expire until late 2016, providing time for a new owner to market the building for lease.
Patrick Gildea, Will Yowell and Ryan Clutter of CBRE are marketing the properties. Gildea says investor interest in the three buildings has been “fantastic.”
Will Boye covers commercial real estate and law firms for the Charlotte Business Journal.