Vision Equities and CarVal Investors have hired Campbell Walker and Marshall Williamson of Lincoln Harris to market an undeveloped site adjacent to the Coliseum Centre office park that can accommodate up to 400,000 square feet of new office space.
Vision and CarVal, a subsidiary of Minneapolis-based Cargill, purchased the six-building park off Tyvola Road for $103 million last year. The firms have now agreed to buy approximately 27 acres adjacent to Coliseum Centre from Pope & Land Enterprises. The additional property is part of the 154-acre City Park development site — once home to the now-demolished Charlotte Coliseum — that Atlanta-based Pope & Land bought in 2006.
Vision Equities, based in Mountain Lakes, N.J., is CarVal’s operating partner and is looking to prelease at least 150,000 square feet for a build-to-suit project at the site, which is between Tyvola Road and the Renaissance Charlotte Suites Hotel.
Although Vision and CarVal have not yet closed on the land, Lincoln Harris is working in advance to pitch the project to large corporate users both inside and outside of the Charlotte market.
“They’ve been so thrilled with their success at Coliseum Centre and want to build on that momentum,” Williamson says.
Vision and CarVal purchased Coliseum Centre in April 2012. Just two months later, United Technologies Corp., which acquired tenant Goodrich Corp., announced its plans to locate its aerospace-systems headquarters in Charlotte, creating 325 jobs. UTC subsequently leased the entire 199,000-square-foot Four Coliseum Centre building, expanding Goodrich’s former space by about 80,000 square feet.
Coliseum Centre was 81% occupied when Vision and CarVal purchased it, and now it’s approximately 95% occupied. CBRE Group Inc. leases the six buildings at Coliseum Centre.
Vision and CarVal sold two of the Coliseum buildings late last year. Fred Arena, managing partner and chief operating officer at Vision Equities, says he believes Charlotte will continue to attract outside companies because of its lower business costs relative to other markets and its quality of life.
Commercial real estate professionals and analysts have noted the lack of large existing spaces in the Charlotte office market. Outside of Ballantyne Corporate Park, where The Bissell Cos recently delivered two new 10-story speculative office buildings, there are few options for tenants requiring 100,000 square feet of office space or more.
Walker and Williamson will be touting the site’s proximity to Charlotte Douglas International Airport and major interstates, as well as a lease rate that will be competitive with existing Class-A office space in the market. A new building at Coliseum Centre could be ready for occupancy in 18 months.
The City Park development is also seeing some new activity: An Atlanta-based multifamily developer is building a 284-unit apartment complex there, and Pope & Land plans to develop approximately 20,000 square feet of retail space along Tyvola, near the apartment site.