Overview
Cushman & Wakefield, as exclusive advisor, is pleased to offer the premier opportunity to acquire Forest Park V & X (the “Property” or the “Properties”), two single-story office buildings totaling 122,599 SF situated within a high performing office park. Located just off I-77 and I-485, and minutes to Charlotte Douglas International Airport and Uptown Charlotte, the properties benefit from convenient accessibility, strong surrounding demographics, and healthy leasing fundamentals.
Currently 100% leased to two nationally recognized tenants: Bojangles for their corporate headquarters and Spectrum for a regional operations center. The properties have a stable 9.7-year WALT, long-term occupancy and an attractive in-place cash flow. In addition, the ownership has held the properties long-term with diligent maintenance including new roofs, new asphalt parking lots, and new HVAC systems. The properties offer strong functionality, excess parking, easy access, and single-story design.
With their prominent location in Charlotte, one of the Sunbelt’s fastest growing markets, stable cash flow, committed in-place tenancy, and highly functional building configurations, Forest Park V & X offer investors a rare opportunity to acquire a high-performing portfolio in a compelling micromarket significantly below replacement cost.
Investment Highlights
STABLE SINGLE-STORY ASSET FEATURING LONG-TERM WALT
- Two single-story office buildings 100% leased to Bojangles and Spectrum in Charlotte’s largest suburban submarket
- Located within Forest Park – a high performing micromarket featuring a stabilized occupancy rate of 89% across nine office buildings
- Bojangles’ lease features a 31% mark-to-market opportunity
- Spectrum’s lease features a 15% mark-to-market opportunity
- Rare long-term office leases in place with 9.7 years of weighted-average lease term remaining
CHARLOTTE SINGLE-STORY OFFICE MARKET HAS A PROVEN STABILITY
- Highly stabilized 91.3% occupancy rate for single-story office buildings across Charlotte
- Total inventory of 17.4M SF with an average occupancy rate of 90.1% over the last 5 years
BOJANGLES CORPORATE HEADQUARTERS LOCATION
- Forest Park V is home to Bojangles’ corporate headquarters featuring executive offices, a test kitchen, and conference rooms following $5.7M of tenant investment
- Bojangles has located their headquarters in the Airport submarket since inception, remaining at their previous location for over three decades before consolidating operations into Forest Park V
SPECTRUM HAS PROVEN COMMITMENT TO THE AREA
- Spectrum has maintained a significant presence in the submarket since the 1990s, occupying space in nine buildings totaling over 1M SF including Forest Park X
- A corporately owned campus totaling over 660K SF across five buildings, including a data center, is located ±1.5 miles from the Properties
INFILL LOCATION WITH PREMIER ACCESSIBILITY
- Highly accessible location along six-lane I-77 with immediate access to I-485 and I-85, offering seamless connectivity to Atlanta, Columbia, Greenville, and Raleigh
- ±6 miles to SouthPark, ±7 miles to South End, ±9 miles to Ballantyne, ±9 miles to Uptown Charlotte, and ±10 miles to Charlotte Douglas International Airport
Photo Gallery
Investment Sales Team
