Shorenstein Properties Announces Sale of Campus in Charlotte's University Research Park

News provided by

Dec 19, 2022, 08:00 ET

Successful Sale Follows Complete Full-Scale Renovation by Shorenstein

SAN FRANCISCO, Dec. 19, 2022 /PRNewswire/ -- Shorenstein Properties LLC ("Shorenstein"), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced the sale of the Commons at the Park, at 6800 Solectron Drive. Terms of the transaction were not disclosed.

Located in Charlotte's innovation and research hub, University Park, the Commons at the Park is a 430,000-square-foot, adaptive re-use campus situated on a 63-acre wooded site. Shorenstein conducted a complete renovation of the property, creating an amenity-driven campus and an optimal environment for work and wellness, complete with a fitness center, conference and training center, future café and 1.5-acre central park. Strategically located minutes from Uptown and UNC Charlotte, the Commons at the Park positions tenants to tap into the market's strong existing talent pool, while simultaneously offering exceptional nearby amenities, accessibility and connectivity.

"We are pleased to have completed the sale of the Commons at the Park," said Matt Knisely, Managing Director at Shorenstein Properties. "Since Shorenstein's initial investment in 2019, the property has undergone a complete, full-scale renovation, transforming the Commons at the Park into a workplace oasis. We are strong believers in the potential of Charlotte, and we are excited to continue creating, designing and building interesting, safe and forward-thinking spaces for tenants and communities here in Charlotte for many years to come."

Jack Corey, Vice President at Shorenstein Properties, added, "As tenants change the way they use office space, Shorenstein is positioned to continue to meet the rising demand for high-quality, luxury office space with world-class architecture and amenities. We are confident that our differentiated properties will continue to be the preferred choice for corporate users and their employees in Charlotte and across the United States."

Shorenstein's remaining investments in Charlotte include Camp North End, a mixed-use office campus, and an office development in the South end, at 110 East. Spanning seventy-six acres, Camp North End, is home to hundreds of employees across sectors; the mix of office, retail, restaurants and public spaces make the campus a vibrant neighborhood center. Once complete, 110 East will be the South End's premier office building, distinguished by its sophisticated platform level design featuring lifestyle amenities and transit-oriented location. With the Company's first acquisition in Charlotte dating back nearly three decades, Shorenstein's commitment to the city and track record in the Charlotte market remains unparalleled.

About Shorenstein Properties LLC

Founded in 1960, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored thirteen closed-end investment funds with total equity commitments of $9.5 billion, of which Shorenstein committed $798.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.

Contact
Jon Keehner / Jack Kelleher
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449

SOURCE Shorenstein Properties LLC