A historic creative office building in the FreeMoreWest submarket has sold for $19.15 million.
A Charlotte-based real estate investment firm has purchased Grinnell Water Works at 1435 W. Morehead St. from Washington, D.C.-based Northridge Capital, an independent real estate asset management firm. The property was 70% leased at the time of the sale.
Stream Realty Partners Senior Associate Alex Olofson and Jared Londry of PointBlank Ventures represented the seller in the transaction. Stream, a national commercial real estate firm offering an integrated platform of services, has a growing office in Charlotte that operates in North and South Carolina.
“We at Northridge Capital have tried to be good stewards of a truly iconic asset in Grinnell Water Works for the past seven years and wish the new owner the best of luck going forward,” said David Etemadi, Managing Director with Northridge Capital. “We would also like to thank Alex, Insite Properties, Jared, and everyone involved for an incredibly smooth transaction during a very difficult time in the market.”
Grinnell Water Works was built in 1930 and offers approximately 52,000 square feet of rentable office space across two floors. The building features a standout sawtooth roof design with high-character industrial skylights, loft ceilings, and exposed brick.
Tenants of Grinnell Water Works are afforded easy access to Interstates 77 and 277 and are surrounded by an expanding restaurant and brewery scene. FreeMoreWest is within minutes of Charlotte’s South End, Bank of America Stadium, a proposed LYNX Silver Line, and Charlotte Pipe and Foundry, a 55.5-acre master-planned, multi-phase development.
“Our team is proud to announce the sale of Grinnell Water Works on behalf of Northridge Capital,” Olofson said. “The transactions market is facing ongoing headwinds, and this sale is a testament to investors’ steadfast demand for innovative office buildings in vibrant neighborhoods that deliver workspaces where talent can collaborate and thrive. This building provides substantial upside and value creation through mark-to-market rent growth and near-term rollover in a burgeoning micro market. We are excited to see the buyer’s transformation in this growing corridor.”
Stream Carolinas, under the direction of Executive Managing Director and Partner Daniel Farrar, continues to expand its footprint across North and South Carolina. The firm recently announced its move into the Greenville-Spartanburg industrial market as it looks to tap into that region’s growth. Leaders are also focused on expanding the office’s capital markets and advisory practices.