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Charlotte Office Building Trades at Steep Loss

AEW Capital Management bought Three Water Ridge in Charlotte for $35 million in 2016. They recently sold the 107,545-square-foot asset to Perkins Fund for $15 million. Three Water Ridge, was fully occupied by Walmart at the time of sale; the retailer has been a tenant at the property since 2015.

Commercialsearch.com reports, that at five stories tall, Three Water Ridge came online in 1991 and underwent renovations in 2018. The property is part of the 11-building Water Ridge Office Park, so tenants can access three fitness centers, outdoor picnic areas, walking trails, 24/7 security and a tenant lounge, among other amenities. 

Located at 2118 Water Ridge Parkway within the I-77 Corridor submarket, the property is close to Billy Graham Parkway and West Tyvola Road, across from the 170-acre City Park master-planned community. Downtown Charlotte is approximately 7 miles northeast, while Charlotte Douglas International Airport is 6 miles away.

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