Ascentris acquires two offices in Charlotte

Ascentris has purchased The Hub and The Nexus, two six-story office buildings totaling 312,000 square feet that include two free-standing parking structures, located in Charlotte, N.C.

The Hub and The Nexus, collectively 77 percent leased to 13 tenants, were constructed in July 2017 and April 2019, respectively. Both Buildings are LEED certified and feature modern, Class A construction, including rectangular 26,000-square-foot floor plates, Z-corridors, 9’4” ceilings on floors two through five, and 10’4” ceiling heights on floors one and six, which provide tenants unobstructed views of both downtown Charlotte and SouthPark.

The office buildings are part of the 90-acre Waverly mixed-use, master-planned community developed by Childress Klein, Crosland Southeast and the B. Frank Matthews II family, which development also includes Waverly Shopping Center, two medical office buildings, 871 for-sale and for-rent residential units, and a 141-room Hilton Garden Inn.

“This acquisition represents the fourth joint venture for the parties. We believe Waverly’s central location within this rapidly growing submarket, its exceptional construction quality, the stability of its tenancy, and its connectivity with all the other retail options including Whole Foods, makes all three properties a unique and highly attractive long-term hold,” said Tricia Noble, Ascentris partner and managing director.

Ascentris and Childress Klein formed a joint venture to acquire the two office buildings, which offer tenants a 24-hour, “live, work, play” experience that they believe is unparalleled within the South Charlotte submarket. When combined with the Whole Foods–anchored retail center that Ascentris and Childress Klein acquired in December 2018, the partnership now collectively owns a significant portion of Waverly’s commercial offerings. The B. Frank Matthews II family will continue to be an owner within the Waverly mixed-use community through their ownership of the outparcels along Providence Road and the medical office building currently leased to Novant Health. Ascentris and Childress Klein are also currently developing Apex, a 345-unit, Class A multifamily and retail property located in the SouthPark submarket of Charlotte.

The partnership’s business plan entails leasing the remaining office vacancy of approximately 70,000 square feet and owning and operating all three properties long term.