CapRidge Partners Acquires SouthPark’s Fairview Center

Taylor Nunnally

Charlotte, NC – July 16, 2019 – CapRidge Partners, a value-add office investment and management firm based in Austin, Texas, has acquired Fairview Center: a two-building office property totaling 182,758 SF located in Charlotte’s SouthPark submarket.

Fairview Center is centrally positioned in SouthPark at 6302 and 6230 Fairview Road, directly across the street from SouthPark Mall. The project is currently 93% leased to 20 tenants, including Finance of America Mortgage, Zapata, Inc, and McAngus Goudelock & Courie. Fairview Center features a tenant fitness center, an on-site café, and one of the highest parking ratios in the submarket; five spaces per thousand square feet. CapRidge plans at Fairview Center include a pre-built office suite program and common area upgrades.

Kevin Black, Chief Operating Officer at CapRidge Partners said, “We are excited to expand CapRidge Partners’ presence in the dynamic Charlotte market. The portfolio provides a great opportunity to add value by utilizing our disciplined investment experience, implementing our operational expertise, and providing tenants with hands-on customer service.  These assets are well positioned to benefit from the growing rent environment in the Charlotte area, and we are thrilled to now own in SouthPark.”

This is CapRidge’s second acquisition in the market. In 2015, the firm acquired Carmel Park off Carmel Road, adjacent to Carmel Commons and Highway 51 in south Charlotte’s Highway 51 / Ballantyne submarket. CapRidge made significant capital improvements to the two-building portfolio, including lobby, restroom, and courtyard renovations. The project, 80% occupied at acquisition, is now 95% occupied.

CapRidge’s Jerry Walsh will serve as property manager for Fairview Center. CapRidge has hired Maddy Kelly and Chase Merkel with Trinity Partners to handle leasing responsibilities.

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ABOUT CAPRIDGE PARTNERS
CapRidge Partners is a fully integrated investment management and operating company focused on value-add office properties in nine select U.S. markets, including Charlotte.  Their strategy is to acquire well-located assets, below replacement cost, that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities, leasing to stabilized occupancies, marking-to-market expiring leases, and completing capital projects.  Since 2012, CapRidge has acquired 41 office buildings.

ABOUT TRINITY PARTNERS
Trinity Partners is a full-service commercial real estate firm serving corporate users and institutional owners throughout the United States, with ten service lines ranging from landlord and tenant representation to property management and investment sales. They are known for our entrepreneurial spirit, best-in-class performance, and respected team of commercial real estate professionals, who are directly responsible for the company’s success and collaborative culture. The firm currently leases and/or manages over 20 million square feet of office, industrial, mixed-use, and retail space across the region through their four offices in Charlotte and Raleigh, North Carolina, and Columbia and Greenville, South Carolina.