Investicore Acquires ThExchange Office Park In Charlotte For $64 Million From Ares

The property involved in the transaction is an office asset located at 5510 77 Center Dr in Charlotte, NC. The sale price for this property was $64,000,000. The asset covers 42 acres and includes a total square footage of 568,811, resulting in a price per square foot of $113.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $64,000,000
• Address: 5510 77 Center Dr
• Market: Charlotte, NC
• Acres: 42
• Square Footage: 568,811
• Price Per Square Foot: $113
• Buyer: Dawie Swart - Investicore
• Seller: Michael Arougheti - Ares
• Brokers: John Vickers - KW Commercial; Matt Smith & Patrick Gildea - CBRE

Investicore, under the leadership of Dawie Swart, has acquired the property from Michael Arougheti of Ares. The deal involves a significant expansion of Investicore's portfolio, which plans to innovate by converting part of a vacant building into dining space and enhancing the property with outdoor amenities and flexible work options to appeal to potential tenants.