Ascentris Acquires Two Class A Office Buildings in Charlotte, North Carolina
Ascentris Acquires Two Class A Office Buildings in Charlotte, North Carolina
Denver, CO (September 18, 2019) – Ascentris, a Denver-based real estate private equity firm, announced today the purchase of The Hub and The Nexus, two six-story office buildings totaling 312,000 square feet that include two free-standing parking structures located in Charlotte, North Carolina.
The Hub and The Nexus, collectively 77% leased to 13 tenants, were constructed in July 2017 and April 2019, respectively. Both Buildings are LEED certified and feature modern, Class A construction including rectangular 26,000 square foot floor plates, Z-corridors, 9’4” ceilings on floors two through five, and 10’4” ceiling heights on floors one and six that provide tenants unobstructed views of both downtown Charlotte and SouthPark.
The office buildings are part of the 90-acre Waverly mixed-use, master planned community developed by Childress Klein, Crosland Southeast and the B. Frank Matthews II family that also includes Waverly Shopping Center, two medical office buildings, 871 for-sale and for-rent residential units, and a 141-room Hilton Garden Inn.
Ascentris and Childress Klein formed a joint venture to acquire the two office buildings that offer tenants a 24-hour, “Live, Work, Play” experience unparalleled within the South Charlotte submarket. When combined with the Whole Foods-anchored retail center that Ascentris and Childress Klein acquired in December 2018, the partnership now collectively owns a significant portion of Waverly’s commercial offerings. The B. Frank Matthews II family will continue to be an owner within the Waverly mixed-use community through their ownership of the outparcels along Providence Road and the medical office building currently leased to Novant Heath. Ascentris and Childress Klein are also currently developing Apex, a 345-unit Class A multifamily and retail property located in the SouthPark submarket of Charlotte.
The partnership’s business plan entails leasing the remaining office vacancy of approximately 70,000 square feet and owning and operating all three properties long-term.
“The Matthews family is thrilled to continue our working partnership with both Childress Klein and Ascentris.” said Gene Matthews.
“We are excited to partner with Childress Klein again on such an exceptional property,” said Ascentris Partner and Managing Director Tricia Noble. “This acquisition represents the fourth joint venture for the parties. We believe Waverly’s central location within this rapidly growing sub-market, its exceptional construction quality, the stability of its tenancy, and its connectivity with all the other retail options including Whole Foods, makes all three properties a unique and highly attractive long-term hold.” added Noble.
“Waverly was conceived to deliver urban energy in a suburban setting with best-in-class office, retail, restaurant and living experiences measured in steps, not drive-times. We are excited that office users have responded in such a huge way to The Hub and The Nexus and that Childress Klein and Ascentris will own and manage these assets as a team long-term.” shared Childress Klein Partner Paul Devine.
About Ascentris
Ascentris is a real estate private equity firm based in Denver, Colorado. With $1.3 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.
About Childress Klein
As one of the largest full service real estate firms in the Southeast, Childress Klein provides innovative solutions and services, backed by an exceptional reputation and commitment to our clients, to all aspects of the commercial real estate industry. Since 1978, Childress Klein has developed, managed and leased approximately 50 million SF of office, industrial, retail self-storage and multifamily properties in major markets throughout the Southeast. With a team of nearly 300 professionals, a current portfolio exceeding 29.5 million square feet and real estate assets valued in excess of $2 billion, Childress Klein has the expertise and resources to undertake any project. For more information, visit www.childressklein.com.