Category: News
Hilton hotel, office building mark next phase of midtown development
by Ashley Fahey
Pappas Properties’ upcoming midtown project includes a 150-room Tapestry Collection by Hilton hotel.
The next phase of development at Pappas Properties’ project in midtown Charlotte will include a hotel and a nine-story office building with ground-floor retail space. A 150-room Tapestry Collection by Hilton hotel, an upscale brand for the hotelier, and a building with up to 210,000 square feet of office space and 20,000 square feet of retail — likely restaurants — are planned at Pappas’ 7-acre project near the Charlotte Regional Realtor Association headquarters.
The $28 million CRRA headquarters wrapped up construction this summer, and Pappas and its joint venture partner, Welltower Inc. (NYSE: WELL), are currently underway on a two-building medical office project for Atrium Health.
Pappas’ and Welltower’s midtown site includes most of the acreage between Harding Place and Pearl Park Way along Kenilworth Avenue. The development also includes a number of infrastructure projects, including the extension of Pearl Park Way, which will connect to Baxter Street by the spring, and an expanded Pearl Street Park.
In 2017, a $4.4 million tax increment grant was awarded to Pappas Properties from the city for the infrastructure projects. A land swap between the city, Mecklenburg County and the Charlotte Housing Authority also occurred to accommodate the private development, road projects and larger park.
The $40 million hotel, which will have a name unique to Charlotte, will be developed on the site of the former CRRA headquarters, at Berkeley Avenue and Pearl Park Way. The office building is slated for the corner of Kenilworth Avenue and Pearl Park Way.
Charlotte Office Building Sells for $38M
by Evelyn Jozsa
Pappas Properties sold SunTrust Building at Sharon Square, a 91,575-square-foot office building in Charlotte’s SouthPark submarket.
Larson Capital Management has purchased the SunTrust Building at Sharon Square, a 91,575-square-foot office building in Charlotte, N.C., for $38 million. CBRE arranged the sale on behalf of the seller, Pappas Properties.
Situated at 4777 Sharon Road, the office building is within Sharon Square, a live-work-play community in Charlotte’s SouthPark submarket, which features various restaurants and retailers, including Whole Foods Market. The building is located within 7 miles of downtown Charlotte and around 12 miles from Charlotte Douglas International Airport. The SunTrust Building also provides access to public transportation on Sharon Road.
Constructed in 2013, the five-story building sits on less than one acre and encompasses 13,610-square-foot floor plates and features ground-floor retail space. The 96.5 percent-occupied building hosts SunTrust Bank’s regional headquarters and is anchored by SunTrust Bank’s private wealth, mortgage, treasury, corporate banking and real estate divisions.
CBRE’s brokerage team included Executive Vice President Patrick Gildea, Senior Associate Matt Smith and Senior Finance Analyst Grayson Hawkins. In October, the team also brokered the sale of Parkview Building, a 124,602-square-foot office property in Charlotte, N.C.