SouthPark Towers sold to out-of-state investors looking to make mark. What’s planned next

Like a pair of siblings, the two SouthPark towers stand next to each other at similar heights, one with slightly more space than the other.

They both house office workers and are close to restaurants, hotels and nearby shopping. They’re also owned by the same public entity, according to Mecklenburg County property records. The California State Teachers’ Retirement System bought the towers in December 2005; one for around $55 million and the other for about $43 million.

Now, the buildings are under a new owner. Crestlight Capital, a commercial real estate firm that has offices in Detroit and New York, purchased the two towers this month. The company declined to disclose the sale price.

Public records can give some hints. The first 13-story tower at 6100 Fairview Drive was last appraised at a little over $71 million. The other tower at 6000 Fairview Road, which stands at 14 stories, has a total appraised value of roughly $88 million.

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It’s the firm’s first investment in Charlotte, and company leaders say more is to come.

“When you look at the Southeast as a region it’s hard to ignore all of the population growth, job growth and overall just economic growth,” Crestlight’s vice president Brad Finkel told The Charlotte Observer. “Charlotte is one of the primary cities and hubs throughout the Southeast that has been benefiting from that demographic and economic growth.”

Combined, the buildings are about 75% leased and include 534,263 square feet of office space.

Renovations planned

Crestlight was attracted to SouthPark Towers for the high quality and overall good condition. The company also liked the location, including ease of access. The 10-acre site is around the corner from the mall.

Crestlight will renovate both buildings, including cosmetic improvements to the outdoor space and indoor common areas, Kelly Lim, Crestlight’s senior vice president told the Observer. That could include adding new outdoor furniture and new landscaping, as more people seek outdoor space as a result of the coronavirus pandemic.

The company might also add an amenities lounge as another place for workers to gather, work and socialize, Lim said.

Finkel declined to say how much they planned to spend on improvements.

The team has retained CBRE to manage and lease the property, according to Crestlight.