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**Charlotte Office/Retail Building Sells for $58 Million**
Crescent Communities and Faison have completed the sale of Elizabeth on Seventh, a 100,537-square-foot, Class A+ mixed-use office and retail property located at 1942 E. 7th Street in Charlotte. The property was acquired by Invesco Real Estate for $58 million.
CBRE’s Patrick Gildea and Matt Smith represented Crescent Communities and Faison in the transaction.
Delivered in 2022, Elizabeth on Seventh is a four-story building that includes three levels of office space above 20,000 square feet of ground-floor retail. The property also features a four-level parking garage with 357 spaces, providing direct access to each office floor. Currently, the building is 88.3% leased and is the newest office development in Charlotte’s Elizabeth micro market.
“The vacancy in Charlotte’s CBD and Midtown submarkets is a mere 3% in the new construction inventory, representing the strength of demand for higher quality office in amenity-rich environments,” said Patrick Gildea, Vice Chairman at CBRE. “This sale is particularly notable given that the buyer is one of the nation’s largest investment managers, highlighting the reemergence of institutional office capital for best-in-class office assets.”
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