Joint venture acquires 78,736 office/flex building in Charlotte, North Carolina
Baltimore, Maryland – Alex. Brown Realty (ABR), a national real estate investment company, has acquired Nations Ford, a 78,736 square foot, office/flex building in Charlotte, North Carolina, in its fourth joint venture with Waters, Inc., a Charlotte, North Carolina based real estate development and property management firm. ABR provided equity financing of $2.1 million to the venture. The seller, a regional real estate developer and investor, was represented by H.P. Smith, CCIM, of Gibson Smith Realty Company, a Charlotte, North Carolina-based real estate investment brokerage firm.
Nations Ford, located at 10345 Nations Ford Road in Charlotte’s Southwestern submarket, enjoys excellent visibility from I-77, Charlotte’s primary north/south artery, and easy access to both I-77 and I-485.
“Since Nations Ford was c onstructed in 2002, it holds a competitive advantage over older, less functional space in its submarket,” commented Martin Waters, III, president of Waters, Inc. Building amenities include 18’ clear ceiling heights, 12 rear loading bays with 9’ by 10’ dock-high doors, a sprinkler system, large front window lines, and mature landscaping,
Nations Ford is ABR’s fourth joint venture with the Charlotte-based Waters, Inc. “We look forward to expanding our presence in the Charlotte market and working once again with Waters,” commented John Prugh, ABR’s President and CEO.
Alex. Brown Realty (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types throughout the United States. www.abrealty.com
Waters, Inc. (Waters) is a family-owned real estate development and property management firm established in 1930 and based in Charlotte, North Carolina. Waters manages a diversified commercial real estate portfolio that includes more than one million square feet of retail, office, and industrial space throughout North and South Carolina. Waters is an Accredited Management Organization as designated by the Institute of Real Estate Management.