Preferred Apartment Communities has purchased Morrocroft Centre, a 290,602-square-foot office project located in the SouthPark submarket of Charlotte, N.C.
The property comprises three buildings on 12 acres and is 90 percent leased to a diverse mix of high-quality tenants across a broad range of industries, including financial services, technology, law, real estate and insurance.
PAC acquired Morrocroft Centre through its subsidiary, Preferred Office Properties.
Boone DuPree, president and CEO for Preferred Office Properties, stated: “The Morrocroft Centre acquisition is consistent with our strategy to acquire well-located, high-quality office assets in the Charlotte market, and specifically in SouthPark where we now hold almost 40 percent market share of the top-tier competitive set. We are excited to expand our business in this way and to partner with premier local developer and operator, Lincoln Harris, on this acquisition.”
This acquisition incr
