Office
Beacon Partners purchased the Atrium and Westchase Office Park in September 2004. Located near I-77 and Billy Graham Parkway in southwest Charlotte and totaling 151,800 SF in three buildings, the property was developed during the late 1980s and had significant deferred maintenance and an occupancy rate of 19% at acquisition. Beacon was attracted to the property’s central location, I-77 exposure, easy access to major thoroughfares and the opportunity to add value through capital refurbishment and aggressive marketing efforts. Our business plan called for updating the building systems, including a new HVAC system to address tenant complaints, refurbishing the common areas for enhanced marketability and re-branding the renovated property as Atrium Corporate Center. Leasing velocity improved significantly following the renovation, with occupancy rising to 52% within two years of acquisition.
Atrium Corporate Center Quick Facts:
- An office park near Charlotte Douglas Airport totaling 151,830 SF in 3 multi-tenant buildings acquired in 2004.
- Deferred maintenance and high vacancy provided opportunity to add value through updating of building systems and common areas.
- Occupants include AvidXchange, Odyssey Logistics and The Salvation Army.
