Abacus Capital has recently sold The Dilworth, located at 1315 East Blvd., to Cornerstone Commercial Properties for $10.5 million. This is a significant increase of $3.4 million from the price Abacus paid when they acquired the property in 2019. At the time of sale, the property was fully leased and spans over 23,248 square feet.
According to reports from Charlotte Business Observer, Abacus made strategic investments in repositioning this 21-year-old property and completed renovations in 2020. As a result, they were able to renew or expand leases with eight out of ten tenants and saw an impressive growth of 25% in average base rents during their ownership period. Some notable current tenants include Novant Health, Konnichiwa, iDental Shear Excellence Genevieve Aesthetics and Sassy Nails.
The transaction was facilitated by CBRE’s Adam Russ Erin Varol ,and Will Register who represented Abacus Capital while Cornerstone did not have any brokerage representation.
This recent sale highlights Charlotte’s thriving commercial real estate market as well as Abacus’ successful investment strategy for The Dilworth property.
