THE OPPORTUNITY

In March 2022, Shopoff acquired Three Resource Square, a four-story, Class A, 126,500-square-foot office building set on 13.62 acres in Charlotte, North Carolina. This property was purchased for $22 million in a joint venture with Praelium Commercial Real Estate and an affiliate of Singerman Real Estate, LLC.

This property is well-positioned in the University Tech market of Charlotte, which has seen a steady rental growth rate and an influx of high-profile firms in recent years, including Credit Karma and Lending Tree.

HOW SHOPOFF IS ADDING VALUE

Upon acquisition, the joint venture worked on performing value-add improvements to the property, including updating common areas and outdoor amenity spaces. Changes to tenants have also been made. A large user with only a few years left on their lease was replaced with RE Mason, who signed a new lease on 64,266 square feet for 11 years, bringing occupancy to 100% upon its lease commencement. Once renewals are finalized and tenant improvements are complete, the Partnership expects to be in a position to bring the asset to market for sale.

Disclosures

An investment in a Shopoff fund involves a high degree of risk, including the possible loss of your entire investment, and is illiquid with an uncertain liquidity date. This material does not constitute an offer to sell or a solicitation of an offer to buy any security. Securities offered through Shopoff Securities, Inc. Member FINRA/SIPC.

These properties are one of a number of properties that are managed by Shopoff Realty Investments, and owned by open and closed investment funds. For the listing of all Shopoff’s current holdings visit: https://www.shopoff.com/current-assets/