CHARLOTTE, NC – September 27, 2021 – Stream Realty Partners (Stream), a national real estate services, development, and investment company, is pleased to announce that its Carolinas team has executed two leases totaling 20,470 square feet at Forest Park II, located at 820 Forest Point Circle in Charlotte, on behalf of their client, TerraCap Management, an investment management company. These transactions brought the two-building office portfolio, consisting of Forest Park II and its sister building, Forest Park III, to 82 percent occupancy. The Charlotte assets are currently on the market for sale and anticipating strong investor demand.
Matt Stewart, Director of Asset Management of TerraCap Management, said, “We are very pleased with the results that the entire Stream Realty leasing team has achieved over the past eight months at Forest Park. Competition is high, as the overall vacancy and availability has increased throughout the submarket to 16.4% and 24.8%, respectively. Stream’s success allowed us to complete our investment strategy in a short timeframe.”
Stanley Martin Homes signed a 10,700-square-foot lease at the property, and Total Quality Logistics (TQL) signed a 9,770-square-foot expansion, bringing their footprint at Forest Park II up to 33,290 square feet. Situated in Charlotte’s Airport submarket at 820 & 701 Forest Point Circle, the 90,000-square-foot, two-building, single story assets offer immediate access to I-77 and I-485 and proximity to several closely surrounding amenity hubs, including Ayrsley Town Center.
Stream’s Vice President, Bob Boykin, said, “In a very competitive submarket like the Airport, securing these two tenants was a major win for both the building and ownership and is a testament to TerraCap’s creativity and deal-making acumen. Forest Park is very well-positioned in the current market, and features such as floor-to-ceiling glass, direct access, and tenant-controlled HVAC are highly sought-after by tenants in today’s environment.”
Boykin and Stream Senior Associate Alex Olofson represented TerraCap Management in these transactions. Stanley Martin Homes was represented by Scott Dumler of Cresa, while TQL was represented by Keith Bell of Cushman & Wakefield.