Renovation of the historic Grinnell Water Works building at 1431 W. Morehead Street started during the second quarter of 2007 but stalled in 2009. The building was purchased by Edifice for $688,500 during the third quarter of 2013 and now appears to be back on track with active renovations for new occupancy.
Edifice has tabbed Kristy Venning and Charlie Swanson of Beacon Partners to market the 28,128 square foot building.
Edifce’s headquarters is located in the neighboring Coca-Cola Building that they purchased for $650,000 in 1996 and gives them ideal proximity to oversee the renovations and selection of future tenants. One of the most exciting renovations coming to 1431 W. Morehead Street will be a 1,300 square foot rooftop patio for tenants to enjoy the impressive skyline views afforded with its location just outside of Downtown submarket. Edifice expects completion of the extensive renovations on the 28,000-square-foot building by the end of June 2014.
When completed, 1431 W. Morehead Street will be the first new office space added to the Karnes inventory of multi-tenant for lease inventory in the Midtown submarket since 2012 when the Levine Cancer Institute (171,000-square feet) opened.
Some of our favorite subscribers stopped by the SiteIndex booth for a putting contest at the CRCBR’s incredible Commercial Spotlight event.
- Tom McMahon with Sperry Van Ness/Commercial Real Estate Advisors praised SiteIndex for its years of being Charlotte’s Commercial Property Exchange of choice.
- William Maxwell with Trinity Partners commended the SiteIndex staff for its prompt attention and response.
- Donna Whinnery with Percival McGuire commented that CPE Weblink has made her life easier with only one source to enter and edit the company’s 60+ listings.
- Bryan Howell with Parkway Realty Services served as a host in the space at 525 S. Tryon and touted the information in the Karnes Reports that he relies on to make deals.
- Ralph Oldham with CBRE said the owners of the Vanguard Center campus have several renovations planned to add to the attractiveness of the property.
- Robin Bookmiller with Beacon Partners took home a set of golf balls and tees for her three-year-old golf pro in the making.
- Jon Morris with Beacon Partners discussed plans to develop Inner Loop North that will add just over 415,000 square feet of warehouse space in the North submarket when completed.
Our most memorable interaction came with Jim Rogers, former CRCBR President (1994-1995) and who we have enjoyed as moderator at recent CCIM Commercial Real Estate Forecasts. Jim had four shots on the putting green to win a sleeve of golf balls but hit them all into the water. He was not denied the prize however, because “You can’t miss with SiteIndex.” Jim exclaimed, “that’s the best deal I’ve had all week!”
March 6, 2009
….The warehouse vacancy rate rose to 11.8 percent at the end of last year after starting the first part of the year at 11.2 percent, according to Karnes Research Co…..Only one warehouse project – Sykes Industrial Park West’s two buildings totaling 250,000 square feet – was completed in the fourth quarter. That’s a good thing, according to Karnes Research’s fourth-quarter market analysis, because it means landlords won’t have to compete with a slew of new space….
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