SkyREM Sells Arcade Square in Charlotte, NC
The Final Non-Core Asset of the SkyREM Portfolio in Charlotte, NC Sells at Nearly 100% Occupation
I am delighted to announce the sale of Arcade Square, the final Charlotte, NC flex office asset in the SkyREM portfolio. The 59,538 sq. ft. single-story office building sits strategically at I-77 and Tyvola Road, roughly five miles from I-485. The attractive location allows easy access to the high-end South Park neighborhood as well as the prestigious South Park regional mall and suburban office submarkets. The property is located in close proximity to the newly constructed light rail line.
SkyREM acquired Arcade Square roughly six years ago. Our intention with the multi-tenanted building was to lease, renovate, and modernize the property while under SkyREM ownership. The property was nearly 100% occupied at the time of sale — proving that the building’s revitalization efforts combined with the location are critical for its diverse quality tenants and businesses.
This sale could not have been completed successfully without the CBRE team, including Patrick Gildea, Matt Smith, and Anne Johnson. Their hard work and dedication in helping build SkyREM’s vision.
SkyREM’s Future in Charlotte, NC
This sale concludes SkyREM’s involvement in non-core properties throughout Charlotte, NC. Two significant property sales were sold in Charlotte earlier this year, including Coffey Creek, an eight-building flex office park consisting of 93,175 sq. ft., and the Rubin Center, a two-building flex office park spanning 64,555 sq. ft. The Northridge Business center, a 175,000 square foot best in class flex property in Charlotte was also sold in 2020 by SkyREM.
Moving forward, SkyREM is currently redeploying substantial capital with the main focus on our core business of acquiring large industrial, warehouse, manufacturing, and distribution properties in important markets across the United States.
We have learned a great deal about the Charlotte market and South-East region over the past 10 years or so, and our efforts to focus on larger acquisitions and new development is an exciting next step to grow and focus the business.
