SkyREM Announces Three Significant Charlotte, NC Sales in 2021
New Developments Show a Bright Future for SkyREM
Since the start of 2021, I am pleased to report the sale of three new properties, all located in Charlotte, North Carolina. Operating under SkyREM, the Coffey Creek and Rubin Center properties were sold as renovated flex/industrial parks and the Northbridge Business Center was sold as a modernized flex warehouse/office complex.
Due in part to their prominent locations throughout Charlotte, NC, all three properties were nearly 100% occupied at the time of sale. Coffey Creek, an eight-building flex park consisting of 93,175 sq. ft., is located in the Southwest industrial submarket, which is one of the largest and fastest growing submarkets in the Charlotte area. The complex is in close proximity to the Charlotte Douglas International Airport and has direct access to Interstates 77 and 85. The flex/office park features functional office layouts, attractive landscaping, rear loading docks, and prominent tenant signage.
Proof of Market Demand
The Rubin Center, a two-building flex/office park consisting of 64,555 sq. ft. is located in the Central industrial submarket. The flex/office park is close to Charlotte’s Uptown and South End neighborhoods, both vibrant and affluent areas with plenty of retail and restaurant amenities. Due to the recent redevelopment in these particular areas, the flex products in the submarket have seen an increase of tenants relocated from the South End area.
Lastly, the Northbridge Business Center is a 174,506 sq. ft. four-building warehouse/office complex. The property is strategically located within minutes of the Charlotte CBD (Central Business District) and the Charlotte Douglas International Airport with immediate access to Interstates 77, 85 and 485. This business complex is now best-in-class, proving once again the market demand for flex/products in the South-eastern region of the US.
Our most considerable efforts were to increase the usability of all three spaces and make the complexes more modernized — which in turn has increased their value and usability. The three multi-building complexes were purchased over six years ago, in which during this time, SkyREM extensively renovated and modernized the space for substantial leasing. Updating these spaces into flex/offices and executing an aggressive leasing strategy has provided the future owners with stable and predictable cash flow.
“The sale of Northridge Business Center, combined with other 2020 year-end commercial property sales, positions SkyREM to aggressively redeploy capital, to acquire and develop larger warehouse and manufacturing related assets,” states Alex Dembitzer, Founder of SkyREM.
Continued Active Investment
With our current wide ranging portfolio, SkyREM will continue to actively invest in commercial real estate throughout the United States and look for new opportunities and growth in industrial sector, particularly in the Southeast. Marc Civitillo (SkyREM MD) adds, “This is pure capital recycling as we will continue to invest in the Southeast, albeit our focus will be heavily concentrated on larger warehouses and manufacturing related assets.”
While SkyREM holds many unique ventures, our more recent sister company, Sky Power holds many of the goals as SkyREM — renovating and modernizing commercial buildings — with a slight twist. Sky Power’s focus is to redevelop commercial real estate into a more sustainable and environmentally conscious entity by turning the buildings and complexes into their own ecosystem, primarily through the use of solar power. Moving towards a more sustainable future through commercial real estate is a mission close to the heart of both the SkyREM and Sky Power management corporations.
SkyREM, is actively acquiring and developing large industrial, manufacturing, and distribution properties in the United States. We are extremely pleased with the sales of these properties in Charlotte, proving that we are able to give new life and improve the functionality and sustainability of varying spaces on a growing scale.
