Endeavor Real Estate Group has purchased Carnegie Point, a five-story Class A office building in Charlotte’s SouthPark district, marking the Austin-based firm’s first investment in the Charlotte market. The property totals 108,000 square feet and was recently renovated, positioning it as a modernized option within one of the city’s most established office submarkets.
According to reporting from the Charlotte Business Journal, the transaction closed at a price of $38.8 million. Redline Property Partners sold the asset after holding it for less than five years, having acquired Carnegie Point in January 2022 for $27.8 million. The resale at a higher price reflects the building’s upgraded condition and stabilized occupancy following a series of capital improvements.
CBRE handled sales representation on the deal, with Patrick Gildea and Matt Smith advising the seller. Their role encompassed marketing the asset and managing the transaction process between Redline Property Partners and Endeavor Real Estate Group.
Originally built in 1986, Carnegie Point has undergone multiple renovation cycles over its four-decade history. Former owner ICM Asset Management carried out a significant renovation program in 2016. After acquiring the property, Redline Property Partners executed additional upgrades designed to modernize both building systems and tenant-facing areas.
Redline’s improvements included a refreshed lobby, modernization of the elevator systems, replacement of the roof, and enhancements to parking facilities. The firm also invested in improving common areas throughout the building and introduced new amenity spaces, aligning the asset with current tenant expectations for higher-quality office environments.
The building is reported to be about 92% leased, providing Endeavor Real Estate Group with an acquisition that is largely stabilized at closing. The tenant roster includes a mix of financial services and real estate-related firms such as LPL Financial, SunCap Property Group, Carnegie Private Wealth, Lowry & Associates, McMillan, Psaroudis & Markey, and First Tryon Securities. This tenant mix underscores the property’s positioning as an institutional-quality office asset catering to professional services users.
For Endeavor, Carnegie Point represents its initial foothold in Charlotte, expanding the firm’s geographic footprint into one of the Southeast’s key office markets. For Redline Property Partners, the disposition follows a value-creation period that combined physical upgrades with strong leasing results, culminating in the sale to a new institutional buyer.
