Background

Blue Heron identified this opportunity through a pre-existing relationship with the ownership group. Esplanade is a well-located office property situated in one of Charlotte NC’s best submarkets, SouthPark. The area is distinguished by a mixed-use urban environment, specialty retail, strong demographics, and location 5 miles south of Uptown in Charlotte.

At acquisition, the property had numerous improvements, either recently completed or underway, including a new roof, HVAC systems, renovated lobbies, and amenity areas. The asset-level business plan at buy-in included creating a positive, inviting, and amenitized tenant experience, with a fitness center and meeting/conference room, and continuing to improve upon the property’s reputation and occupancy.

Achievement

Since the first quarter of 2016, Blue Heron’s joint-venture operating partner has continued to improve the property, both inside and out, including physical enhancements on the exterior and landscaping, most notably, the transformation of lower level space into leasable space with improved natural lighting. As a result, several leases with new tenants have been signed and existing tenants have expanded within the building.