CHARLOTTE, N.C., Aug 5, 2021 – Real estate firm Redline Property Partners has hired a Managing Director, Finance & Capital Markets. Carl Fowler oversees all aspects of Redline’s capital markets, accounting and finance activities. He also is a partner in the firm and serves on its Investment and Executive Committees.
“As our company continues to grow, having Carl on the team in this leadership role will be critical to our success,” said Redline principal and managing partner, Andrew Webb. “Carl is highly respected in the industry and his expertise, capital markets knowledge and significant relationships will be instrumental in propelling Redline forward.”
Redline Property Partners relocated its headquarters to Charlotte from Atlanta in March 2000 to better focus its investment activities in growing Carolinas markets, including Charlotte, Charleston, Raleigh and Greenville, S.C. The company currently owns and manages real estate assets in the Atlanta, Charlotte and Minneapolis regions and has previously owned projects in southeast Florida.
“Our strategy is to find truly great properties that are suffering from short-term distress and transform them into spaces that serve today’s economy,” Webb said.
Redline’s first Charlotte investment was Carnegie Point in SouthPark, which it bought in 2016 with ICM Realty Group. Carnegie Point is a 107,400-square-foot office building at the intersection of Carnegie Boulevard and Barclay Downs Drive. Redline rebranded the building and completed building-wide renovations, including the addition of an indoor coffee bar and lounge and an outdoor deck-style tenant lounge.
“Our approach to real estate starts with creating a differentiated product and then focuses on ensuring excellent tenant experiences. We approach the landlord-tenant relationship as one of partnership, and as a good partner we want to ensure we are providing substantial value.” Webb said.
The firm has been hiring corporate staff in Charlotte and Minneapolis over the last year as it has grown its portfolio. Now, vertically integrated, Redline self-manages its properties in most markets with plans to self-manage all its assets in the future.
Webb says the last 12 months have been the best year yet for the company. Despite the impact of the pandemic and related economic convulsions, Redline has experienced rent and occupancy growth throughout its portfolio, as well as asset sales at greater than pre-pandemic valuations.
“When many other office assets were losing tenants, we experienced 14.25% positive net absorption in our portfolio at or above our pre-COVID lease rates,” Webb said. “We’ve collected 100 percent of rents and sold three buildings above our original exit pricing assumptions.”
As an example, the company’s West Ridge office building in suburban Minneapolis was just 62 percent occupied in August 2019 when Redline purchased it. Now it’s 97 percent occupied with lease rates higher than they were pre-COVID.
Carl Fowler has 17 years of commercial real estate experience, including investment management, debt and equity origination and asset management. Prior to Redline, he originated private debt and equity opportunities for NXT Capital throughout the Southeastern U.S. During his career, Fowler has worked on more than $1 billion of real estate lending and equity opportunities. He holds a bachelor of arts in Economics and French from Emory University and an MBA in Real Estate and Finance from the Wharton
School at the University of Pennsylvania.
Fowler is a member of the Urban Land Institute and a board member of The Fugees Family, a charter school network serving the refugee community in multiple states.
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. Redline employs innovative value-creation 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 those properties into spaces adapted for the new economy.
