CHARLOTTE, NC – June 4, 2021 – Stream Realty Partners (Stream), a national real estate services, development, and investment company, announced today that they have purchased two buildings totaling 43,200 square feet across 1.48 acres at 1218 S Church Street in Charlotte, NC. Stream is also under contract to purchase the adjacent parcel at 321 W. Palmer Street, a Woodie’s Auto Repair shop, bringing the total purchase to 1.79 acres in the heart of Charlotte’s South End submarket. The Class A buildings were built in 2007 and then 2010 for Flores & Associates, a national leader in consumer-based reimbursement plans.
Daniel Farrar, Executive Managing Director and Partner, oversees Stream’s investment business in the Carolinas. Farrar said, “We viewed the Flores Building as an irreplaceable asset and a fortress location within South End. The adjacent parcel currently occupied by Woodie’s was a natural fit to round-off the site and that may warrant an alternative use to better fit the growing neighborhood and needs of the community. We are evaluating long-term optionality and potential of the combined assets but have no immediate plans for redevelopment at this time.”
The main building is a three-story, 36,000-square-foot office building with a rooftop terrace that provides unobstructed views of the CBD. The secondary building is 7,200 square feet and offers a basketball court, crossfit gym and entertaining space. Flores & Associates currently occupies the entirety of the two office buildings.
Jared Londry, Executive Managing Director in Stream’s Carolinas’ office, facilitated the transaction. Londry said, “Boutique assets like this within South End are exceedingly rare, and these assets in particular offer significant optionality. We viewed this opportunity as the chance to acquire a trophy asset and a significant position in the submarket that will allow us and a potential partner to evaluate alternative uses for the site in the future.”
The South End submarket is one of the hottest office markets in the country with an average vacancy of just 3 percent since 2014 and offers a highly amenitized environment. The Flores building is surrounded by new mixed-use developments and retail offerings, including Resident Culture Brewing and Chilito Taco’s latest expansion at 332 Bland Street, and is just four blocks form Charlotte’s LYNX Blue light rail.