Investicore Holdings has acquired a 14-building office complex in Charlotte from Ares for $64 million. The property, known as ThExchange, totals 568,811 square feet across 42 acres and is currently reported to be 60% occupied, with one of the buildings entirely vacant. The transaction marks a significant trade for a large suburban-style office park in the Charlotte market.
According to reporting cited from The Charlotte Business Journal, Investicore plans to introduce a food-and-beverage component within part of one of the existing buildings at ThExchange. While specific concepts or operators have not been disclosed, the planned conversion indicates an effort to enhance on-site amenities for tenants and activate common areas within the campus.
The acquisition was brokered on both sides by separate teams. John Vickers of KW Commercial brokered the deal on behalf of Investicore. Representing Ares, the selling party, were Matt Smith and Patrick Gildea of CBRE. The office park was brought to market in April, and the conclusion of the sale to Investicore follows that listing process.
Post-closing, a KW Commercial team led by Vickers will oversee leasing efforts at ThExchange. With the complex only partially occupied and one building fully vacant, the leasing assignment positions KW Commercial to work with the new ownership to backfill vacant space and address rollover in the existing tenant base. Specific lease-up timelines, asking rents, and targeted tenant sectors have not been disclosed.
The asset has undergone a series of capital and ownership transitions in recent years. The Dilweg Cos. previously owned ThExchange and invested approximately $34 million over a two-year period to overhaul the property. Those renovations were completed in 2020, leaving the campus with a relatively recent improvement program prior to the latest sale.
Following the renovation period, The Dilweg Cos. ultimately turned the asset over to Ares in 2024. That transfer occurred after the property’s $68.6 million loan reached maturity and became nonperforming. Details on the structure of the transfer to Ares, as well as any subsequent capital plans undertaken by Ares prior to the sale to Investicore, were not disclosed in the available information.
ThExchange’s recent history therefore reflects both substantial capital investment and loan performance challenges before the current sale. Investicore’s purchase at $64 million follows a period in which the prior financing defaulted and the asset changed hands via a transfer to the lender’s control. With new ownership in place and a dedicated leasing team assigned, the next phase for the campus will focus on improving occupancy, integrating the new food-and-beverage space, and stabilizing the property’s income profile, although specific strategies and timelines have not been publicly detailed.
