Redline will completely renovate and reposition the 2009 vintage office building, including adding street-level retail and food options.
CHARLOTTE, N.C., Aug. 22, 2024—Charlotte-based real estate investment firm Redline Property Partners has purchased 700 East Morehead, a 37,305-square-foot office building located at the intersection of Morehead Street and Euclid Avenue in Midtown. Redline plans to completely renovate the property and reposition it for office tenants, while adding food-based retail offerings and outdoor seating on the street level.
As part of the purchase, Redline will immediately begin property-wide capital improvements, including common area renovations, exterior improvements, the conversion of the first floor to food-based retail and the creation of a spec suite leasing program, a formula that has driven leasing success at other Redline properties.
“This property’s location at the nexus of Midtown, South End, Dilworth and Uptown gives our tenants unparalleled access to major business districts and to nearby medical centers, as well as top-tier housing and lifestyle amenities,” said Andrew Webb, Redline’s president and managing partner. “Demand is high for office space along this corridor already, with properties in Midtown and South End showing the strongest net absorption of any Charlotte submarket over the last 12 months. The launch of The Pearl Innovation District and its ecosystem will supercharge demand for office space in this area that’s already thriving.”
The intersection of Morehead and Euclid where the property is located is undergoing rapid transformation, with three new residential developments set to deliver more than 1,000 multifamily units, along with new restaurants and retail spaces, in the coming months.
“The development of neighboring properties at 700 East Morehead is creating a destination mini district for our tenants and nearby residents, providing even more walkable dining and retail options.”
700 East Morehead boasts peak accessibility to the I-277 loop of Uptown and to Charlotte’s main highway arteries, including I-77 and I-85. It also offers walkability to nearby restaurants and entertainment, as well as fitness options such as the Dowd YMCA, located just two blocks away. It takes about five minutes to walk to the nearest LYNX Blue Line light rail stop in South End, and the 30-acre The Pearl Innovation District begins just one block away.
The four-story property also offers multiple levels of below ground parking, as well as surface parking for tenants and visitors.
Redline develops, acquires and operates real estate in the Carolinas and Minnesota, where it finds underperforming properties and executes successful turnaround strategies focused on superior operations and exceptional tenant experiences. In the Charlotte metro area, Redline’s portfolio currently includes Carnegie Point in SouthPark and the recently renovated 33-acre Birkdale Point office park, adjacent to Birkdale Village in Huntersville.
To deliver the best service possible, Redline will self-manage the property and has enlisted the services of Meredith Ball, Karah Tanneberger and Keely Hines with Foundry Commercial for leasing services.
About Redline Property Partners
Founded in 2017, Redline Property Partners is a privately-owned commercial real estate investment, management and development firm specializing in office, creative office / flex and adaptive reuse projects in the Carolinas and Minnesota. Led by a team of industry veterans with an average of 30 years of experience and more than $8 billion of combined transactions, Redline employs innovative strategies to improve asset quality and maximize property value. Using a “block-by block” granular approach, Redline finds great real estate suffering from short-term distress and transforms properties into spaces adapted for the new economy.
