CBRE negotiates sale of adaptive reuse property Southlake Center
February 24, 2016
COLUMBIA, SC – CBRE has finalized the sale of Southlake Center, a multi-tenant office building in Lexington, South Carolina. CBRE’s Aaron Dupree, Patrick Gildea, and Martin Moore provided investment expertise to complete the transaction on behalf of Southlake Associates, LLC c/o Arnold Companies. East West Capital, LLC purchased the property on January 15, 2016.
Southlake Center was built in 1989 and operated as a cut-and-sew manufacturing facility until it was renovated into a multi-tenant office building in 1999. It is a single-story building totaling 41,953 rentable square feet on 4.62 acres. The property boasts ease of access with its location off Interstate 20.
“Currently 100% occupied with six quality tenants in various industries including Teradata, Amedysis and Nucor, Southlake Center offered the market a quality and stable investment with attractive leveraged yields, above market parking advantage and ideal location,” said Dupree.
“The investment market is very active right now,” said Moore. “Southlake Center benefitted from Columbia’s improving market fundamentals. Vacancy rates dropped from a 2011 market high of 21% in the heart of downtown to the current rate of 15%. As a result, we are experiencing a rapid rise in rental rates across the market.”
CBRE has been engaged by East West Capital to provide leasing and management services for Southlake Center as well as for their other recently acquired fully-leased Class A office building, Crown Pointe, located at 1400 Browning Rd.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
