Real estate investment firm buys SouthPark Towers | Business

CHARLOTTE – Crestlight Capital, the Detroit and New York City-based private equity real estate investment firm, in partnership with an institutional investor, announced its recent acquisition of SouthPark Towers.

The transaction represents Crestlight’s first office investment in Charlotte and fourth investment over the past 16 months totaling over $500 million of enterprise value.

“Charlotte is a core focus market for Crestlight as we continue to expand our portfolio throughout the Sunbelt. We’re excited to officially plant our flag in Charlotte and fortunate to do so with such a prolific asset,” said Brad Finkel, vice president at Crestlight. “We believe SouthPark’s urban, and amenity-rich environment will continue to lead to outsized demand for class A product as it has demonstrated throughout the pandemic.”

As part of the acquisition, Crestlight plans on executing a significant renovation of both buildings, including cosmetic improvements, new building amenities and an overhaul of outdoor space, among other things.

“SouthPark Towers is a premier asset in a central location in SouthPark,” said Kelly Lim, senior vice president at Crestlight. “We plan to modernize the campus to be a true best-in-class destination with characteristics that professionals in Charlotte are looking for.”

More details will be released regarding the renovation and repositioning plans as they become finalized in the coming months.