Abacus Capital has recently sold The Dilworth, located at 1315 East Blvd., to Cornerstone Commercial Properties for $10.5 million. This marks a significant increase of $3.4 million from its purchase price in 2019. At the time of the sale, the property was fully leased and spans over 23,000 square feet.
According to reports from Charlotte Business Observer, Abacus Capital invested resources into renovating this 21-year-old property in 2020 as part of their repositioning efforts. During their ownership period, they were able to renew or replace eight out of ten tenants and saw a growth rate of 25% in average base rents. 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 brokerage representation.
This recent sale highlights Charlotte’s thriving commercial real estate market with investors like Cornerstone seeking opportunities for growth through strategic acquisitions such as this one by taking advantage of favorable market conditions.
