Overview
Trinity Partners is pleased to serve as exclusive advisor for the sale of 7621 Little Avenue (“Quail Plaza”), a multi-tenant office asset located in the heart of the South Charlotte office submarket.
Strategically situated between Charlotte’s premier office nodes of SouthPark and Ballantyne, Quail Plaza benefits from a high-density infill setting surrounded by executive housing and rich amenity corridors along Highway 51 (Pineville–Matthews Road) and Carmel Road. Convenient access to I-485 delivers seamless regional connectivity, enabling employers to draw from one of the nation’s fastest-growing labor pools. This exceptional centrality and accessibility firmly position Quail Plaza as a durable, high-performing asset within the Charlotte office market.
Currently 81% leased to 15 tenants, the Property offers stable in-place cash flow with near-term upside through the lease-up of existing vacancies and unprecedented potential for value enhancement in the future as Charlotte’s supply of quality, infill office product continues to tighten.
Investment Highlights
Dynamic Value-Add Profile Within Tremendous Upside
- Dramatic discount to replacement cost- exceptionally low basis for a stabilized, infill asset with average tenant size of 4,758 SF
- 81.1% occupied with WALT of 3.3 Years
- 15 tenants with average tenure of 5.5 Years
- Wtd. average in-place rate of $26.95/SF
- Average vacant suite size of 2,825 SF
- History of comprehensive back-of-house systems upgrades ensure limited future capital spending on building maintenance
Highly Accessible | Strong Transportation Fundamentals
- Central location in the heart of the South Charlotte office submarket, with exceptional access to walkable amenities and high-quality, dense residential neighborhoods
- Near instant access to I-485 and 5.0 miles from I-77
Strategic Position Within Supply Constrained Market
- Zero new deliveries of office space in the South Charlotte submarket since 2015 with few remaining parcels capable of supporting competitive office product
- Steep lease rate discount relative to adjacent submarkets, SouthPark and 485/South (Ballantyne), where average asking rates are $40.66/SF and $40.18/SF, respectively
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