Shopoff Realty Investments, Praelium and Singerman Real Estate, LLC Acquire 126,500-Square-Foot Office Building in Charlotte, NC
Charlotte, NC – March 10, 2022 – Shopoff Realty Investments (“Shopoff”), Praelium, and an affiliate of Singerman Real Estate, LLC (“SRE”) announced today that the company has acquired Three Resources Square, a four-story, Class-A, 126,500-square-foot office building set on 13.62 acres in Charlotte, N.C.
The building is currently anchored by investment-grade tenant Republic Services, Inc. (NYSE: RSG, Moodys: Baa2), with a market cap of $38.6 billion.
“This property is well-positioned in the University Tech market of Charlotte, which has seen an influx of high-profile firms in recent years, including Credit Karma, Lending Tree Lowe’s, and Centene Corporation,” explained Shopoff President and CEO William Shopoff. “With a prime location, and an investment-grade tenant like Republic Services, we are confident this property will provide a solid investment for the partnership.”
Charlotte and the surrounding suburban markets offer a fast-growing and well-educated workforce, relative affordability, and high quality of life that help support the office market, and attract large firms.
Scott G. San Filippo, founding principal of Praelium Commercial Real Estate, added, “Charlotte continues to emerge as one of the strongest office growth markets in the country, having recently surpassed pre-pandemic total employment for the metro as well as the percentage of office workers accessing their physical workspace compared to the national average. We are excited to be acquiring Three Resource Square in another joint venture with Shopoff Realty Investments, and our first venture with SRE.”
Shopoff, Praelium and SRE plan to perform value-add improvements to the property, including potentially updating common areas and outdoor space, adding a hospitality-infused tenant lounge, indoor/outdoor space, and upgrading gym facilities.
Ian Russell, principal of acquisitions at SRE, commented, “This was a uniquely sourced off-market opportunity, made even more attractive by partnering with the best-in-class sponsorship of Praelium and Shopoff. SRE’s knowledge and experience in this submarket, and sustained investment across real estate asset classes in the Carolinas, allowed us to act quickly to close a transaction that should benefit from the tremendous growth in the region.”
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 30-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 30-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 18565 Jamboree Road, Suite 200, Irvine, CA 92612, (844) 4-SHOPOFF.
About Praelium Commercial Real Estate
Praelium is a commercial real estate advisory firm founded in 2015, and headquartered in Orange County, California. Led by Michael E. Meyer and Scott G. San Filippo, over the past decade the partners have worked on the acquisition and stabilization of 5 million square feet of real estate. Utilizing its proprietary, research-guided, and data-driven approach, the company focuses on acquiring exceptional commercial property investments with a primary focus on office projects located in the Southeast and Western US.
About Singerman Real Estate, LLC
Singerman Real Estate, LLC (“SRE”) is a Chicago-based opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. Currently, SRE is investing on behalf of SRE Opportunity Fund IV, L.P., a fully discretionary 2021 vintage investment vehicle with over $800 million of commitments and additional co-investment capacity through existing LPs of over $250 million. Since 2010, SRE has sourced and executed, with partners, over $3.2 billion of investments across major property types.