Shorenstein Properties Acquires Office Campus in Charlotte's University City Submarket

SAN FRANCISCO, Oct. 21, 2019 /PRNewswire/ -- 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 450,000-square-foot commercial office property from Westcore Properties at 6800 Solectron Drive ("6800 Solectron" or the "Property") in Charlotte. Terms of the transaction were not disclosed.

Located in Charlotte's University City submarket, the Property is situated among one of the city's most populous corporate hubs and sits directly across the street from Innovation Park, the nearly 2-million-square-foot campus originally occupied by IBM. Home to nearly 25 Fortune 500 companies, the area comprises more than four million square feet of office space for businesses that operate across a broad range of industries, including technology, energy, finance and healthcare. With superb access to I-85, I-485 and the brand new Lynx light rail extension – in addition to being a short 20-minute drive from Charlotte Douglas International Airport – 6800 Solectron provides unparalleled access to the greater Charlotte region and the evolving University City community.

Originally designed to meet IBM's highest quality standards for manufacturing and office uses, the Property was 100% leased to Flextronics up until 2018. Shorenstein intends to extensively redevelop the Property into a high-quality Class-A office project with outdoor amenity space, increased parking capacity, and enhanced access to surrounding roadways.

"University City has long been a dynamic corporate hub and educational epicenter for the city of Charlotte, and we are pleased to expand our footprint in the region with the acquisition of 6800 Solectron," said Matt Knisely, Managing Director at Shorenstein Properties. "At Shorenstein, we have an exceptional track record of redeveloping and enhancing commercial office properties in the country's most attractive markets. We look forward to leveraging our integrated investment and operations capabilities to provide University City's current and prospective tenants with a functional, modern and sustainable office space conveniently located in the heart of Charlotte."

Jessica Brown and David Dorsch of Cushman & Wakefield have been selected to lead the marketing and leasing of the Property.

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.

Contact
Jon Keehner / Jed Repko / Julie Oakes / Jack Kelleher
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449 / 415.869.3950

SOURCE Shorenstein Properties LLC