Investicore Holdings has acquired ThExchange, a 14-building office complex in Charlotte totaling 568,811 square feet, in a $64 million transaction. The seller in the deal was Ares, which had taken control of the property following a prior ownership transfer tied to loan performance issues. The asset spans 42 acres and is organized as a multi-building office park.
According to reporting cited from the Charlotte Business Journal, ThExchange is currently 60% occupied across its buildings. One of the 14 buildings is entirely vacant, underscoring the leasing runway at the property. As part of its plans for the complex, Investicore intends to convert part of one of the buildings into a dedicated food-and-beverage area, adding an on-site amenity to support tenants at the park.
Transaction brokerage was handled by multiple parties on each side of the deal. John Vickers of KW Commercial brokered the acquisition on behalf of Investicore. On the sell side, Matt Smith and Patrick Gildea of CBRE brokered the transaction for Ares. The property was formally brought to market in April, and the same KW Commercial team led by Vickers will now take over leasing responsibilities at ThExchange, giving that group continuity from sale marketing to post-acquisition leasing.
The property has undergone substantial capital investment in recent years under prior ownership. The Dilweg Cos., which owned ThExchange before Ares, invested about $34 million over a two-year period to overhaul and renovate the complex. Those renovations were completed in 2020, positioning the park with refreshed infrastructure and improvements before broader market challenges emerged.
Following completion of that renovation program, The Dilweg Cos. ultimately turned the property over to Ares in 2024. That transition occurred after a $68.6 million loan on the asset matured and became nonperforming. The transfer marked a change in control tied to debt performance rather than a traditional open-market sale, setting the stage for the subsequent disposition of the asset to Investicore.
With Investicore now in place as the new owner of ThExchange, the property enters another phase of its lifecycle. The recent capital investment, partial vacancy and newly planned food-and-beverage component collectively frame the context for the upcoming leasing campaign, which will be managed by KW Commercial under Vickers’ leadership.
