Stiles and Shorenstein Properties Announce Plans to Develop Class A Transit-Oriented Office Tower in Charlotte's South End
Posted on 10/30/2019Stiles, a full-service commercial real estate development firm based in the Southeast, in a joint venture with Shorenstein Properties LLC ("Shorenstein"), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced the acquisition of a two-acre parcel of land located along the Charlotte Light Rail at the intersections of South Boulevard, East/West Boulevard and the East/West Boulevard Station in Charlotte's historic South End. Stiles and Shorenstein intend to build a 385,000-square-foot, 23-story Class A office tower (the "Tower") with 11,000 square feet of retail and restaurant space at the platform level. Rob Cochran, Jared Londry, and Nolan Ashton of Cushman & Wakefield represented the seller, Browder Harris Group, in this transaction.
Construction of the Tower could commence within the next 12 months with potential to accommodate as much as 1 million square feet in future phases for larger users seeking an onsite location. Situated in a prime location, the Tower will be surrounded by an abundance of shops and restaurants, residential properties and 4.5 miles of Charlotte's Rail Trail, in addition to several other transportation options.
Stiles, Shorenstein and Hastings Architecture, the registered architect on the project, have a long-shared history of developing legacy projects together. In the mid-2000s, Stiles and Shorenstein forged a partnership when Shorenstein took an investment interest in the 450,000-square-foot Class A office tower, Bank of America Plaza at Las Olas City Centre. Additionally, Stiles and Shorenstein are currently co-developing The Main Las Olas, a mixed-use development featuring an office tower and a residential tower in downtown Fort Lauderdale, FL. The Main Las Olas includes a 360,000-square-foot, 25-story, Class A office tower, and a 27-story, 341-unit apartment tower with high-end restaurants and retail on the ground floor.
"We are excited to introduce a truly transit-oriented Class A office tower in the heart of Charlotte's iconic South End," said Kyle Jones, Senior Managing Director of Stiles Commercial Group.
"South End is a prime location for employers looking to attract and retain talent in Charlotte, and we, along with our partners at Shorenstein, look forward to delivering a world-class project to this dynamic neighborhood," said Justin Siemens, President of Stiles Carolinas.
In Charlotte, Shorenstein is involved in the redevelopment of Camp North End, a 76-acre site featuring creative office, retail and industrial space. Shorenstein also recently acquired a 450,000-square-foot commercial office property at 6800 Solectron Drive in Charlotte's University City submarket.
"We continue to view Charlotte as an attractive market, and are pleased to build on our growing footprint in the city by teaming up with our long-term partner to create a high-quality, functional property that embodies the unique and vibrant nature of the South End neighborhood," said Matt Knisely, Managing Director at Shorenstein.
Stiles and Hastings Architecture are currently working together on Stiles' Peabody Union development in the emerging SoBro district in Nashville, TN. Fostering community and interconnectivity, this multi-structure, mixed-use development features Class A office space and residential buildings, as well as a mix of retail that includes flagship anchors, fitness concepts, signature restaurants and convenient parking.
Since opening a regional office in Charlotte in 2012, Stiles has expanded its brand throughout the Carolinas and beyond. The Stiles Carolinas team has completed four shopping centers in Charlotte totaling 250,000-square-feet, a 65,000-square-foot boutique office building in Charlotte's South End, a 186-unit luxury apartment community in Raleigh, a 90,000-square-foot shopping center in Charleston, SC, and a Pillar Award-winning luxury residential tower in Nashville, TN. The Stiles Carolinas team is also currently underway with Greenly Pointe, a 100,000-square-foot mixed-use project in Charlotte's University Research Park and Grove Ninety-Eight, a 70-acre Wegman's anchored mixed-use project in Wake Forest, NC.
Jessica Brown, an Executive Director at Cushman & Wakefield, is the office leasing agent for the project.
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Stiles maintains regional offices throughout the Southeast, including Miami, Fort Myers, Tampa and Orlando, Florida, as well as a corporate development office in Charlotte, North Carolina. Stiles is responsible for more than 48 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit https://www.stiles.com or call 954-627-9300.
About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 67 million square feet in transactions with a gross investment value in excess of $16 billion.