A Charlotte-based real estate investment firm recently purchased Grinnell Water Works at 1435 W. Morehead St. from Washington, D.C.-based Northridge Capital for $19.15 million, with the building being 70-percent leased at the time of sale. Stream Realty Partners Senior Associate Alex Olofson and Jared Londry of PointBlank Ventures represented the seller in this transaction.
Grinnell Water Works was built in 1930 and offers approximately 52,000 square feet of rentable space featuring a standout sawtooth roof design with industrial skylights, loft ceilings, and exposed brick walls throughout its interior spaces .
Commenting on this deal David Etemadi , Managing Director with Northridge Capital said “We have tried to be good stewards of a truly iconic asset in Grinnell Water Works for the past seven years and wish our buyer all success going forward” He also thanked Alex Olofson , Insite Properties , Jared Londry alongwith everyone involved for an incredibly smooth transaction during these difficult times .
