Grinnell Water Works, Early Example Of Creative Office, Fetches Nearly $12M
Northridge Capital acquired one of Charlotte's more distinctive office properties, Grinnell Water Works in Midtown, for $11.8M. The 52k SF building was built in 1930 and renovated in 2001. The historic brick-and-beam structure was originally a manufacturing facility, but redeveloped into one of Charlotte's first creative office properties during the '01 renovation.
Grinnell Water Works is a fine example of creative office, according to Cushman & Wakefield director Jared Londry. "It has a long history of high occupancy and strong tenancy as a result." The building is 100% occupied. Londry and managing director Rob Cochran repped the seller, Grinnell Partners, an entity affiliated with Insite Properties.
“Having been involved with this asset since its original, pioneering renovation in 2001, I've seen the transformation of the area to a desirable and walkable neighborhood that's so appealing to tenants and investment groups,” Cochran said.
Grinnell Water Works was designated a Charlotte-Mecklenburg Historic Landmark in 2002 and was added to the National Registry of Historic Places during the next year.
SVP Brad Geiger and executive managing director Phil Mudd in Cushman & Wakefield’s Washington, DC, office originated acquisition financing for the sale. Insite Properties has been retained by Northridge Capital to lease and manage the property.
