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Two-Building Value-Add Office Park In Charlotte’s Southpark Submarket Sells For $24.45 Million

Rexford

Charlotte, NC – CBRE has arranged the sale of Rexford Park I & II, two value-add office buildings totaling 136,812 sq. ft., located at 2100 and 2115 Rexford Road in Charlotte’s SouthPark submarket. Rexford Park I was completely vacant and Rexford Park II was 37% occupied at the time of sale, allowing for value creation through lease-up. Childress Klein and Gottesman Real Estate Partners acquired the property for $24.45 million. It is the first purchase in a new joint venture that will focus on multi-generational office investments in fortress locations in and around Charlotte, North Carolina.

“We couldn’t be more pleased to start our relationship with Childress Klein at Rexford and in South Park,” said Andy Gottesman, CEO of Gottesman Real Estate. “The properties fit perfectly into our strategy to breathe new life into well-located but underperforming assets.”

“We are thrilled to partner with Andy and his family on the acquisition of these Rexford assets. The location is exceptional. Our neighbors include the Specialty Shops, the nearly complete AC Marriott with its rooftop bar and the top-rated Marriott SouthPark. With THE LOOP planned at our front door and the Colony ready to break ground up the street, we believe Rexford will offer the walkability that office users have been seeking in SouthPark.” said Paul DeVine, Partner at Childress Klein.       

CBRE’s Patrick Gildea, Matt Smith, and Grayson Hawkins represented the seller, LendingTree, in the transaction.

“Rexford Park I & II is one of the most competitive offerings we have handled in years, highlighting the volume of capital focused on value-add opportunities in today’s market.  Southpark continues to be one of our most desirable submarkets in the Carolinas for investment.” said Mr. Gildea, executive vice president at CBRE.

The property is situated in the heart of SouthPark, one of Charlotte’s most desirable submarkets with an overall office vacancy of 6.4% and continuously increasing rental rates. In addition to office, SouthPark continues to be in high demand for multifamily and hotel developers. With multiple projects planned or under construction, any remaining development sites are highly sought-after. The area offers a walkable, live-work-play dynamic with numerous amenities within the vicinity. SouthPark Mall is the hub of the submarket with over 1.6 million sq. ft. of high-end retail and dining offerings.

 

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Reid’s Fine Foods Signs Lease at Duke Energy Center

Duke

Childress Klein announces Reid’s 4th Location

CHARLOTTE, N.C. - Childress Klein, is pleased to announce that specialty grocery, Reid’s Fine Foods has signed a lease for a 2,613 SF space on the first floor of The Duke Energy Center that is scheduled to open Summer 2019. This will be their fourth location in Charlotte.

Managing Partner for Reid’s Tom Coker said,

“Charlotte’s unprecedented growth allows us to continue to expand our operations here in Charlotte. We’re incredibly grateful for the opportunity to continue to be a part of the community and deliver exceptional food products while being in the center of everything.”

The new location will have a butcher shop, deli, fresh foods section and wine bar and will feature on-the-go meals, as well as dine-in options.

Charles Thrift with Childress Klein represented Reid’s in the transaction. Susan Clements with Childress Klein represented the landlord.

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Promenade on Providence Welcomes New Tenants

Promenade

Promenade on Providence Welcomes New Tenants

Charlotte, N.C. – Childress Klein is pleased to announce that it has signed four new leases for a combined 11,524 SF of space at the Promenade on Providence. The new tenants include Charlotte Fitness Equipment, Blue Cross and Blue Shield of North Carolina, Front Door Fabrics and Stretch Zone. They join more than 40 other retail shops and restaurants at the Shopping Center.

Charlotte Fitness Equipment has a new owner and is relocating to the 2,838 SF space next to Jos. A. Banks and is scheduled to open in June of 2018. As the leading supplier of quality fitness equipment in this area, they offer a large range of treadmills, ellipiticals and other equipment for home and commercial gyms.

Opening next to Fresh Salon, Blue Cross and Blue Shield of North Carolina will occupy 3,651 SF. Since 1983, Blue Cross and Blue Shield of North Carolina has worked to improve the health and well-being of their customers and communities through innovative health care products, insurance, services and information to more than 3.8 million members.

Front Door Fabrics will open in the 3,500 SF space next to Stein Mart mid-summer 2018. Whether you want dazzling window treatments and sophisticated sofas, or plan to enhance your home with a few new pillows and lamps, Front Door Fabrics offers an impressive selection of fabric, trim, accessories, wallpaper and furniture.

With its newest store opening in the Charlotte area, Stretch Zone has leased 1,535 SF of space next to Subway. Founded in Miami in 2004 by Jorden Gold, one of the world’s foremost experts in practitioner-assisted stretching, Stretch Zone has revolutionized the fitness industry and completely reinvented the concept of “the stretch.” They offer state-of-the-art therapeutics, stretching and chiropractic memberships.

“These tenants add to the diverse mix of national, regional and local retailers at Promenade on Providence and bring us another step closer to our vision for the property,” said Susan Clements, Leasing Agent at Childress Klein.

Promenade on Providence is a lifestyle-oriented shopping complex located at the intersection of major Charlotte arteries, Providence Road and I-485. The center features popular tenants like The Fresh Market, Total Wine & More, Tuesday Morning, Pier 1, Stein Mart, Ann Taylor Loft, Kirkland’s, Hallmark, Jos. A. Bank and Sun & Ski Sports.

Promenade on Providence is currently 96% leased, and is leased and managed by Childress Klein.

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Childress Klein Starts Construction on Industrial Project

oxco

New facility in Fort Mill will house headquarters for fabrics manufacturer OXCO

Fort Mill, S.C. – Childress Klein, one of the Southeast’s preeminent real estate developers, has started construction on a 217,636-square-foot industrial facility in Fort Mill that will house the headquarters of OXCO Inc., a manufacturer of non-woven industrial fabrics.

OXCO announced plans to relocate its operations from Charlotte to Fort Mill last year and will occupy 149,588 square feet at the new facility, which will be located within Lakemont Business Park at 547 Kings Ridge Drive. Established in 1994, OXCO is a light manufacturer and supplier of non-woven materials for a variety of markets and end-use applications. The company plans to add 130 jobs at its new headquarters.

“We are thrilled to reach this milestone with Childress Klein and start construction on our new headquarters facility,” said C.T. Chu, president of OXCO. “We look forward to moving into our space later this year.”

The building is expected to deliver in August, and Childress Klein is marketing the remaining 68,048 square feet available for lease. Featuring one of the region’s most desirable distribution locations, 547 Kings Ridge Drive is located just off interstate 77 and offers easy access to interstate 485. The building features a rear-loading configuration, an ESFR sprinkler system and a 30-foot clear height. Ample trailer parking is available with opportunities for future expansion.

“Childress Klein is delighted to partner with OXCO and start construction on 547 Kings Ridge Drive,” said Matt Harper, a partner with Childress Klein. “With its visibility and proximity to major interstates, we anticipate strong demand among industrial users for the remaining space at this state-of-the-art facility.”

 

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Childress Klein Expands Retail Management Portfolio

Austin village

Prominent Real Estate Firm Selected to Manage Austin Village in Matthews, North Carolina.

Charlotte, N.C. – Childress Klein, one of the Southeast’s most prominent real estate companies, accounced today that they have entered into an exclusive property management agreement with Austin Village Retail Center, LLC for its 65,272 SF Austin Village in Matthews, NC.

Developed in 2010, the property is anchored by a 48,750 SF Harris Teeter and boasts 16,500 SF of shop space. Located in South Charlotte at the intersection of Potter Road and Chestnut Lane in Matthews, a rapidly growing community southeast of Charlotte, this 100-acre mixed-use property is conveniently located near I-485 and US-74.

“We are pleased to bring Austin Village into our retail portfolio. Childress Klein’s presence in the Southeast market continues to grow, which creates great synergy and facilitates our ability to provide the excellent customer service that our tenants and owners are accustomed to receiving from us,” stated Jan Pugh Regional Property Manager, at Childress Klein.

The center is 95% leased and currently includes several popular, local merchants and restaurants including Poppyseeds Bagels, My Bella Spa, and Bisonte Pizza Co.

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Ascentris Acquires Upscale Whole-Foods Anchored Retail Center in Charlotte, NC

Waverly MOB

Denver, CO (December 20, 2018) – Ascentris, a Denver-based real estate private equity firm, on behalf of one of its public retirement system clients, announced today the purchase of Waverly Shopping Center, a 166,000 square-foot, Whole Foods-anchored retail center located in Charlotte, North Carolina. Ascentris formed a joint venture with Childress Klein, a member of Waverly’s development team and long-time partner of Ascentris, to acquire the center.

A separate joint venture between Ascentris and Childress Klein is developing Apex SouthPark, a 345-unit multifamily and retail project in the SouthPark submarket of Charlotte.

Waverly Shopping Center, developed by Crosland Southeast, Childress Klein and the B. Frank Matthews II family, opened in 2017 and is currently 94% leased to 40 tenants including Whole Foods, Ulta Beauty, Wells Fargo, and Chipotle. The property’s tenant base is comprised of a carefully curated mix of sit-down and fast-casual restaurants, soft goods stores, and service-oriented retailers. The property features light contemporary architecture, community plaza space, and a highly-walkable and connected building layout.

Located at the center of a rapidly growing and highly affluent submarket, the property attracts a large volume of shoppers with above-average buying power. The shopping center is part of  the  90 acre Waverly mixed-use, master planned development that includes two Class A office buildings, two medical office buildings, a myriad of for-sale and for-rent residential properties, and a 141-key Hilton Garden Inn which opened in April 2018. The legacy landowner, the B. Frank Matthews II family, will continue to own the retail outparcels along the Providence Road frontage at Waverly. Ascentris’ business plan entails leasing the three remaining vacant suites, developing a currently-vacant outparcel, and thereafter owning the property long term.

“We are thrilled to once again work with Childress Klein on such an exceptional project.” said Ascentris Partner and Managing Director Tricia Noble, who led this acquisition for Ascentris. “The durability of the property and its location in a growing submarket is the perfect fit for our client.” added Noble.

“Waverly is a special asset. We are excited to have another opportunity to work with Ascentris and to manage this property as it matures.” said Childress Klein Partner David Haggart.  

The sale was brokered by Berkeley Capital Advisors. 

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Ascentris and Childress Klein Partner Again to Develop Apex SouthPark, an Iconic $185M Multi-Family and Retail Property Located in Charlotte, NC

Apex

Denver, CO (May 18, 2018) – Ascentris and Childress Klein announced today the joint venture’s acquisition of a 5.54-acre parcel at the corner of Morrison Boulevard and Sharon Road in Charlotte’s SouthPark submarket, directly across from the main entrance to the Simon owned SouthPark Mall. Together, the joint venture will develop Apex SouthPark which will consist of 345 apartment units and 88,000 square feet of ground floor retail that will be located in two 12-story towers. Sharon United Methodist Church, the land seller, will develop a new worship center on site under its rebranded name, SouthPark Church. The property will also feature a 175-room hotel with a rooftop restaurant and bar. A shared six-level parking structure will serve the entire property. Demolition of the existing church and construction of the project is expected to commence immediately.

Rule Joy Trammel + Rubio is the architect and JE Dunn Construction will serve as the general contractor. Bank of America will provide construction financing.

“Ascentris is thrilled to be partnering with Childress Klein again, this time on the development of Apex SouthPark. Childress Klein and RJTR have designed an iconic project that will be unlike anything else in SouthPark and will set the stage for a new generation of living in Charlotte,” said Ascentris Managing Director Tricia Noble.

The finishes and common area amenities will raise the standard for apartment living in SouthPark. One-, two-, and three-bedroom units will feature floor to ceiling windows, high-end stainless-steel appliances, under-cabinet lighting, quartz countertops, and backlit mirrors. The two towers will share an amenity deck with a swimming pool, cabanas, fire pits, and grills, and a tenant lounge and fitness center with yoga and spin studios. On-site 24-hour concierge service will be available to tenants.

The 88,000 square feet of ground floor retail is designed to accommodate a variety of tenants, including restaurants and bars with outdoor seating, which will create an energetic environment for the property. Childress Klein’s retail division is leasing the retail portion of the property.

“Apex SouthPark will deliver an exciting urban experience that we believe will address the increasingly sophisticated demands of the SouthPark market. We are excited to have the opportunity to partner with Ascentris and SouthPark Church on this innovative project”, said David Haggart, Retail Division Partner at Childress Klein.

Apex SouthPark is a property many years in the making. Sharon United Methodist solicited master development proposals for the site in 2015, ultimately selecting Childress Klein. The property was rezoned to allow for the development of the property in 2016. With construction commencing in the coming weeks, substantial completion of the first apartment tower is scheduled to occur in Spring 2020, with final completion of the project slated for Spring of 2021.  

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Childress Klein Announces New Tenants At Popular South Charlotte Shopping Center

Promenade

Promenade on Providence Adds Three New Tenants

CHARLOTTE, N.C. – Childress Klein, is pleased to announce three new tenants to its Promenade on Providence Shopping Center in south Charlotte. They include Queen City Craft & Gourmet, Charlotte Sports Collectibles and A Shade Above. The new tenants join more than 30 other retail shops and restaurants at the property.

Queen City Craft & Gourmet, an independently owned restaurant featuring sandwiches, burgers, small plates, cheese and charcuterie, has leased 2,718 square feet next to Aroojis Wine Room. QCCG will offer twenty-one craft beers on tap and nearly forty wines by the glass. Opening this summer QCCG will be a destination for travelers to the queen city as well as a neighborhood hangout for local residents. The Promenade location is scheduled to open Fall 2018.

Charlotte Sports Collectibles has leased 912 square feet beside Ann Taylor Loft and is scheduled to open in June. Charlotte Sports Collectibles is the premier location to find, and visit, the memories and memorabilia of times past. Founded and owned by Ken Schmidt, an avid collector and connoisseur of sports and collectible memorabilia, Charlotte Sports Collectibles focuses on pairing the right buyer with the right treasure. Charlotte Sports Collectibles has an extensive selection of unique inventory that’s consistently in rotation between buyers and sellers.

A Shade Above, Charlotte area’s largest family owned and operated window coverings company, offers top of the line products and unsurpassed service. A Shade Above is proud to feature products from both Hunter Douglas and Artisan Shutter. Both companies design and custom assemble their products in the USA. Hunter Douglas uses state of the art facilities across the country, and Artisan Shutter products are manufactured locally in the Charlotte area. The store has leased 1,228 square feet next door to SOL Cleaners and plans to open its doors to the Promenade location by June.

“These tenants add to the diverse mix of national, regional and local retailers at Promenade on Providence and bring us another step closer to our vision for the property,” said Susan Clements, Leasing Agent at Childress Klein.

Promenade on Providence is a lifestyle-oriented shopping complex located at the intersection of major Charlotte arteries, Providence Road and I-485. The center features popular tenants like Ann Taylor Loft, Beauty Brands, Hallmark, Jos A. Bank, On the Border, Pier 1, Stein Mart, The Fresh Market, Sun & Ski Sports and Total Wine & More. Susan Clements represented Childress Klein and Chris Kutlick with The Widewaters Group represented Queen City.

 

 

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Childress Klein to Start Construction on The Nexus at Waverly

Nexus Rendering

Second office building at mixed-use community to be anchored by The Remi Group

Charlotte, N.C. – Childress Klein, one of the Southeast’s preeminent real estate developers, will start construction in March on The Nexus, a six-story, creative office building within the Waverly community in south Charlotte. The Nexus is a joint venture of Childress Klein, Crosland Southeast and the B. Frank Matthews II Family, the same joint venture that is the master developer of Waverly including the Waverly retail, MOB and office offerings.

Totaling +/-154,000 square feet, The Nexus will be the second creative office building at Waverly, a mixed-use development just south of I-485 at the intersection of Providence and Ardrey Kell roads, a location at the center of one of the most impressive growth corridors in the Charlotte region. The Remi Group, an equipment maintenance management provider currently based in Ballantyne, has leased +/-31,000 square feet at The Nexus for its corporate headquarters and will be its first tenant.

“We believe that the bottom line is enhanced by personal well-being and that people thrive in active, vibrant environments. Waverly is just that environment and will help us recruit, develop and retain the very best talent,” said Dan Schuster, founder and CEO of The Remi Group.

“The fact that Waverly’s 40+ restaurants and shops are walkable from the front door of The Nexus is an incredible differentiator. Waverly will certainly enhance the work day experience of our employees.

We’re thrilled to start our company’s next chapter at The Nexus,” said Brent Howison, President of The Remi Group.

The first creative office building at Waverly, The Hub, delivered in August. Since then NN Inc. has announced it will relocate its global corporate headquarters to The Hub, a win for both the State of North Carolina and the Charlotte region. Childress Klein has also signed leases with corporate tenants including Esri, Horizon Investments, Axene and Tokai Carbon GE LLC.

“The Nexus is unique in suburban Charlotte. It offers modern workspace at the center of an active, mixed-use environment that today’s employers seek, but are unable to find outside of the urban core,” said Paul DeVine, partner at Childress Klein.

“With millennials now moving to the suburbs in significant numbers, we believe we’ve created that nexus of the suburban location and the urban experience.

“We look forward to welcoming The Remi Group to Waverly and introducing The Nexus to the market.”

The Nexus will feature, exposed ceilings, interiors built for collaboration, a covered parking deck, bike storage, outdoor Wi-Fi-enabled meeting space and a connection to Waverly’s master-planned park, The Yard. Childress Klein plans to seek LEED certification for the building.

Ben Speir with Cherry & Associates represented The Remi Group. Travis Hart and Jenny Fowler represented Childress Klein. Travis Hart and Jenny Fowler with Childress Klein will handle leasing at The Nexus. Wells Fargo will provide financing for The Nexus. Shelco is the general contractor and Rule Joy Trammell Rubio (RJTR) is the architect.

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One Wells Fargo Center Awarded Prestigious LEED Gold Certification for Sustainable Operations

1wfC

One Wells Fargo Center Awarded Prestigious LEED Gold Certification for Sustainable Operations

Charlotte, N.C. – Vision Properties and Childress Klein announced today that One Wells Fargo Center has been awarded LEED Gold certification for Operations and Maintenance (LEED O+M) by the U.S. Green Building Council. The LEED (Leadership in Energy and Environmental Design) rating system is the foremost measure of environmental sustainability, providing independent verification of operations and maintenance practices that result in healthy, resource-efficient, high-performing buildings.

“We are extremely proud to have attained LEED Gold certification. It is a tangible sign of our commitment to ensuring One Wells Fargo Center remains the premier office building in Charlotte,” stated Anthony Arena, Partner of Vision Properties which serves as asset manager for One Wells Fargo Center. “This is one more step we’ve taken on behalf of ownership to provide features and services that enhance the productivity and well-being of our tenants while reducing the environmental impact of our operations.”

One Wells Fargo Center achieved LEED Gold certification by implementing a comprehensive set of strategies designed to improve building performance, reduce waste, and increase occupant comfort. This was accomplished through property upgrades such as new low-flow restroom fixtures, high-efficiency lighting in public spaces and dimmable lighting with occupancy sensors in the parking deck, along with new management practices including expanded recycling programs and use of more environmentally-friendly products. As a result, energy and water use has been reduced by over 15%.

“Childress Klein is honored to support building ownership’s vision for the highest standards of property management and tenant service,” stated David Pitser, Office Partner and Director of Property Management at Childress Klein. 

“Making the investments needed for LEED Gold Certification demonstrates a genuine commitment to the best interests of our occupants, community and environment."

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