Shorenstein Sells Charlotte Workplace Campus

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Commons on the Park. Picture by way of Google Avenue View

Shorenstein Properties LLC has bought the Commons on the Park, a 430,000-square-foot, two-building adaptive reuse campus on a 63-acre wooded website within the College Park space of Charlotte, N.C., Shorenstein introduced on Monday, Dec 19. Phrases of the transaction weren’t disclosed.

The customer was Albemarle Corp., a chemical compounds provider headquartered in Charlotte, which had per week earlier introduced its plans for a $200 million lithium analysis middle on the campus. Albemarle operates the one at present lively lithium mine within the U.S., at Silver Peak, Nev.

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As well as, Blue Ridge Public Radio reported that the Charlotte area has giant deposits of lithium, and that Albemarle is planning to reopen an previous lithium mine at Kings Mountain, N.C., the place it already operates a lithium processing plant.

The Commons on the Park was accomplished in 1982 and was initially an industrial constructing, in keeping with data from CommercialEdge.

Shorenstein acquired the property in 2019 and by 2021 had fully renovated it right into a artistic workplace campus with such facilities as a health middle, convention and coaching middle, a future café and 1.5-acre park. The placement, at 6800 Solectron Drive, is minutes from Uptown and UNC Charlotte.

Progress on absorption

The Charlotte workplace market is seeing substantial web absorption, closely concentrated in newly accomplished buildings, displaying the flight to high quality seen in so many different markets, in keeping with a third-quarter report from JLL.

About 3.6 million sq. ft of workplace house is below building, with building begins seeming to taper off. The general emptiness is 17.6 %, which is projected to fall considerably.

One of many larger information gadgets on Charlotte’s workplace scene was the August announcement that the Financial institution of London will likely be finding its second hub within the U.S. in a 40,000-square-foot house at One Independence Heart in Charlotte.