Charlotte, N.C. – Nov. 30, 2023 – CBRE has arranged the sale of English Oak, a 61,713-square-foot flex property in Charlotte, North Carolina. An affiliated entity of Silver Investments Limited purchased the property from Griffin Partners and Axonic Capital for $9.25 million.
CBRE’s Patrick Gildea, Matt Smith, Grayson Hawkins and <span ">Robert Hardaway represented the seller in the transaction. CBRE’s Joe Franco, Kris Westmoreland and Alek Salfia represented the seller in the leasing of English Oak prior to the sale.
“There is a great story around the fundamentals of small bay and flex assets in the current Charlotte market,” said Smith. “Given supply constraints and the cost to deliver new product, we are seeing exceptional rent growth across the asset class. Griffin Partners and Axonic Capital did an exceptional job repositioning English Oak to capture that demand.”
English Oak is located at 8848 Red Oak Blvd. in the infill industrial Southwest submarket, proximate to I-77/I-85 freeways and Charlotte Douglas International Airport. The one-story building was built in 1984 and received several exterior upgrades in 2022, including LED lighting and painting upgrades.
English Oak was 97% occupied at the time of the sale.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Griffin Partners:
Griffin Partners is a commercial real estate investment, development, and property management firm founded in 1980 by Fred Griffin. Headquartered in Houston, Texas, Griffin Partners cumulatively has acquired or developed over 18 million square feet of space across more than 79 projects comprised of 112 individual properties, with an aggregate value that exceeds over $2.5 billion. The company owns and operates properties throughout Texas, Colorado, Arizona, Utah, Tennessee, and North Carolina. For more information on Griffin Partners, visit www.griffinpartners.com.
About Axonic Capital:
Axonic Capital LLC is an independent financial services firm, headquartered in New York City, offering asset management services across structured credit and commercial real estate. Axonic Capital LLC was founded in 2010 by Clayton DeGiacinto and manages over $4.0 billion of committed capital, the majority of which is invested in CRE-related assets across both debt and equity. Axonic Capital LLC’s business model provides unique opportunistic investment solutions from an experienced team with expertise in sourcing and asset allocation.