CHARLOTTE, N.C. – November 9, 2021 – Commercial real estate investment manager TerraCap Management of Naples, Florida has chosen Stream Realty Partners to lease its 490,119-square-foot Resource Square in Charlotte, N.C.
Stream, a national real estate services, development, and investment company, officially took over the project on Nov. 5, 2021, and will begin leasing spaces from 1,000 to 50,000 square feet immediately. The four-building, Class A office space is at 10715, 10735, 10925, and 10926 David Taylor Drive. It’s in the University submarket of Charlotte, which is home to numerous Fortune 500 companies including Electrolux, Wells Fargo, TIAA, United Rentals, and Centene Corp., which is building its new 1 million-plus-square-foot East Coast headquarters campus.
The property – comprising Resource Square I, II, IV, and V – has just undergone a $1.5 million makeover that included the addition of a tenant lounge, fitness facility, and conference center along with refreshed monument signage and landscaping throughout the park. Retail development opportunities fronting Mallard Creek Church Road and David Taylor Drive also are planned.
Bob Boykin, Vice President of Stream Carolinas, and John D. Hannon, Senior Vice President of Stream Carolinas, will handle leasing of the portfolio for TerraCap.
“Stream is honored and thrilled to grow our relationship with TerraCap here in the Carolinas at Resource Square,” Boykin said. “The investment they have already made in the project from a capital standpoint, combined with our knowledge of and experience in the University submarket, sets the stage for an exciting partnership. We’re looking forward to introducing the opportunities to the market and executing on a great business plan we’ve put together.”
TerraCap added Resource Square to its portfolio in August 2019, seeing potential in the property’s locale near a large portion of Charlotte’s employment base. The business center is in the heart of University Research Park and offers easy access to Interstates 85 and 485, as well as the Lynx Blue Line light rail. With numerous residential and mixed-use developments underway, combined with the idyllic park setting of University Research Park, Resource Square is well-positioned to capture the corporate demand that is drawn to the area.
“We look forward to seeing what Stream can accomplish for us at Resource Square,” said Matt Stewart, Director of Asset Management at TerraCap. “While working with Stream on another property, we were pleased with their work ethic and performance that resulted in leasing over 30,000 square feet for us in a very short timeframe.”