CHARLOTTE, NC Jan. 14, 2015 – DTZ, a global leader in commercial real estate services, today announced that Ziff Properties, Inc. sold a portfolio of three assets in Southwest Charlotte to Sky Management LLC.
The portfolio includes Arcade Square on Tyvola Road, as well as Rubin Business Center and Coffey Creek Business Park in the West Airport submarket. Positioned between Charlotte Douglas International Airport and the major arteries of Interstate 77 and Interstate 485, all three assets are centrally located. The three business parks together comprise nine buildings totaling 217,000 square feet and were 88% leased to a variety of tenants at the time of sale. DTZ Senior Managing Director Rob Cochran and Associate Vice President Jared Londry represented the seller.
“This is a very unique portfolio of assets” explained Mr. Cochran. “The properties are located in two of the most rapidly improving submarkets in Charlotte, and offer considerable upside potential in today’s strengthening market through rental rate appreciation. Investors’ very strong response to this offering demonstrates the continued appeal of well-positioned assets with an excellent balance of strong in-place returns and lease-up potential.”
Commented Mr. Londry, “This is Sky Management’s third major acquisition in Charlotte and its second in the past 12 months. After its 2013 acquisition of Tyvola Center and the 2014 purchase of the Northridge Business Center portfolio, Sky Management’s recent transaction reinforces its position as an emerging regional player in the Charlotte market and gave us confidence in its ability to perform on the ZPI Portfolio.”
DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors around the world with a full spectrum of property solutions. Our core capabilities include agency leasing, tenant representation, corporate and global occupier services, property management, facilities management, facilities services, capital markets, investment and asset management, valuation, building consultancy, research, consulting, and project and development management. DTZ manages 3.3 billion square feet and $63 billion in transaction volume globally on behalf of institutional, corporate, government and private clients. Our more than 28,000 employees operate across more than 260 offices in more than 50 countries and proudly represent DTZ’s culture of excellence, client advocacy, integrity and collaboration. For further information, visit: www.DTZ.com or follow us on Twitter @DTZ.
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