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Charlotte Business Journal: Developer parts with its debut project in $36.3M sale

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The following article appeared in the 1/26/22 edition of The Charlotte Business Journal:

Developer parts with its debut project in $36.3M sale

Beauxwright and project partner Ascent Real Estate Capital have sold The Foundry office property for $36.3 million to Asana Partners.

COURTESY OF BEAUXWRIGHT

By Liz O'Connell  –  Staff Writer, Charlotte Business Journal

A Charlotte developer has parted with its first project, an office property in a prime location near the Bank of America Stadium and the uptown business district.

Beauxwright and project partner Ascent Real Estate Capital sold The Foundry, a 4.87-acre site, for about $36.3 million to Asana Partners, according to Mecklenburg County real estate records. The deal included an additional 2.5 acres for potential development and an existing, 5,250-square-foot building.

The Foundry is a fully renovated, 55,564-square-foot office property at 601 and 623 Cedar St. and 600 W. Hill St. The three buildings date back to the 1920s and were used as an iron production factory.

“We’re grateful for the opportunity to play an integral role in the ongoing transformation of our creative Charlotte community,” said Chris Warren, Beauxwright principal.“It has been our honor and privilege to collaborate over the years with so many talented people in the design and development of this unique and colorful space.”

Beauxwright and Ascent purchased the property in 2014 for $5.5 million, real estate records show. This was the first project Beauxwright tackled when the firm launched. The Foundry was 68% occupied at the time of acquisition, according to Beauxwright's website.

The team sought to keep the vintage, industrial character of the building. The property includes exposed brick and beams, high ceilings and vintage wood flooring. There are about 350 parking spots.

When The Foundry traded to Asana Partners, it was 83% leased. Tenants include Wheelhouse Media, Axon, Clutch Kitchen & Pour House and Symphonix Solutions. Beauxwright will stay on site at the 601 Cedar St. property.

“Demand for creative space has flourished and The Foundry is poised for significant rent growth as the area continues to densify,” Patrick Gildea of CBRE said in a statement. “Charlotte’s Third Ward and West End are deemed cool live-work-play neighborhoods, and we will continue to see growth with the redevelopment of Charlotte Pipe & Foundry and the Carolina Panthers new practice facilities.” 

CBRE’s Gildea, Matt Smith, Grayson Hawkins and Kevin Kempf represented the seller in the transaction.

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