Joint Venture Completes Value-Add Strategy for Charlotte Office Campus, Sells for $63M

CHARLOTTE, N.C. — A joint venture between Atlantic Creek Real Estate Partners, Origin Investments and Stream Realty has sold Cambridge Corporate Center, a 349,815-square-foot office campus in Charlotte, for $63 million. Lakestar Properties acquired the 50-acre campus for $180 per square foot. The joint venture acquired the property in 2014 for $44 million with a value-add strategy in place. Upgrades included adding 33,000 square feet of rentable office space; a two-story, 452-space parking deck; and a new security camera system. The joint venture purchased the property when it was 81 percent leased. Since then, Red Ventures signed a 10-year, 97,66-square-foot lease that brought occupancy up to 96 percent, where it stood at the time of the sale. Duke Energy and General Motors also signed lease renewals totaling 126,000 square feet with rate increases. Rob Cochran, Jared Londry, Nolan Ashton, David Meline and Samir Idris of Cushman & Wakefield, along with Mark DeLillo and Craig Callaway of BlueGate Partners, represented the seller in the transaction.