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**Charlotte Office/Retail Building Sells for $58 Million**
Crescent Communities and Faison have sold 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 purchased by Invesco Real Estate for $58 million.
CBRE’s Patrick Gildea and Matt Smith represented Crescent Communities and Faison in the transaction.
Completed in 2022, Elizabeth on Seventh is a four-story development featuring three levels of state-of-the-art office space above 20,000 square feet of ground-floor retail. It also includes a four-level parking garage with 357 spaces, offering direct access to all office floors. The property is currently 88.3% leased and is the most recent office development in Charlotte’s Elizabeth neighborhood.
“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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