Crestlight Capital, in partnership with an institutional investor, has acquired SouthPark Towers in the SouthPark submarket of Charlotte, NC.

Mesa West Capital has provided $167.8 million in first mortgage debt to Crestlight Capital to finance the acquisition. The loan is secured by SouthPark Towers I and II.

The purchase of the two-building office campus 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,” said Brad Finkel, VP 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 others.

The new ownership team has retained CBRE to manage and lease the property.