CBRE announced today that the Capital Markets team has sold a vacant office building in Charlotte, through an auction. The property, known as 401 McCullough, was acquired by Tempus Realty Partners for $12.3 million on June 12, 2017. CBRE’s Patrick Gildea and Matt Smith represented the seller, LNR Partners, out of Miami, Florida.

At 191,681 square feet, 401 McCullough is one of only two Charlotte suburban office buildings offering a rare large block of contiguous vacancy over 170,000 square feet. Positioned on more than 35 acres, the property allows for further development or expansions, including additional parking spaces or a covered parking facility. With a mixture of open floorplans and executive offices throughout its three-story footprint, 401 McCullough meets a range of preferences for Charlotte suburban office users.

Within a mile of Interstate 85, four miles of Interstate 485 and walking distance to a future light-rail station, 401 McCullough provides excellent connectivity to Charlotte’s CBD and is only minutes from UNC Charlotte and Uptown Charlotte. Nearby amenities include Carolinas HealthCare System hospital, numerous hotels and retail and restaurant destinations.

“With very few sizeable vacancies remaining in the suburbs of Charlotte, 401 McCullough represents one of the only existing buildings that can accommodate a large expansion or relocation,” said Patrick Gildea. ”Well positioned within Charlotte’s Northeast office submarket, which is experiencing strong fundamentals with a healthy 94% occupancy rate and has no new construction underway, the scarcity of space at 401 McCullough drove extremely strong interest from potential buyers, who were attracted to this rare redevelopment opportunity.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue).  The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide.  CBRE offers a broad range of integrated 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.