Charlotte’s Abacus Capital Unloads Dilworth Property

Cornerstone Commercial Properties bought The Dilworth at 1315 East Blvd. from Abacus Capital for $10.5 million. Abacus sold it for $3.4 million more than what it paid in 2019. The 23,248-square-foot property was 100% leased at the time of the sale.

The Charlotte Business Observer reports Abacus invested resources to reposition the 21-year-old property, renovating it in 2020. The firm was able to renew, expand or replace eight of the property’s 10 tenants and saw a 25% growth in average base rents during its ownership period. Its current tenants include Novant Health, Konnichiwa, iDental, Shear Excellence, Genevieve Aesthetics and Sassy Nails.

CBRE’s Adam Russ, Erin Varol and Will Register represented Abacus Capital in the transaction. Cornerstone did not have brokerage representation.