CORFAC News

CHARLOTTE, NC (July 15, 2010) – Piedmont Properties/CORFAC International, a leading full-service commercial real estate provider serving the Charlotte and surrounding market, announced today that Metrolina Regional Scholars’ Academy is on schedule to open for the fall semester.

Located at 5225 Seventy Seven Center Drive in Charlotte, NC, Frank McCleneghan of Piedmont Properties represented Metrolina in the property acquisition, which is currently undergoing an extensive conversion and renovation to accommodate the school’s requirements.The 4.127-acre property with an approximately 52,000-square-foot office building was sold for an undisclosed price by ROEFSCO Exchange of Las Vegas, NV to Metrolina Regional Scholars’ Academy. The sale demonstrates the alternative uses of commercial property; previously, the building was operated as a large data center. The remodeled facility will allow Metrolina Regional Scholars’ Academy to expand its student body and add several more classes. The renovations include eighteen classrooms, 2 classes per grade for K-8 grades; art studio; music room; media lab; children’s art area; state of the art high school level science lab with six lab stations for experiments; multipurpose room; student and prospective student testing facility; SMART board technology in every classroom; one flex classroom to program expansion or research projects; two break out areas for group projects; and two sided stage for informal and formal productions. Metrolina Regional Scholars’ Academy has incorporated sustainable design principles into their renovations and is currently pursuing LEED certification.Metrolina Regional Scholars’ Academy is currently located at 7000 Endhaven Lane in the Ballantyne area of Charlotte. The school plans to close that facility once it moves into its new quarters.“Even in this challenging real estate market there were a handful of options for the school,” said Frank McCleneghan, Partner, Piedmont Properties/CORFAC International. “There were a number of moving parts that included rezoning, a major renovation from office to institution, and then financing. It was probably a benefit that the market was depressed and that lenders and landlords had more time to get this deal done.”About Metrolina Regional Scholars’ AcademyMetrolina Regional Scholars’ Academy opened their doors in September 2000. The academy is a North Carolina public charter school for children of extremely high intellectual ability. The goal of the school is to provide an educational environment that helps highly gifted children from all walks of life reach their potential. The Metrolina Regional Scholars’ Academy serves children from four counties in and around the Charlotte area. The student body is culturally diverse, and the families represent all socio-economic backgrounds. The talented men and women of the staff are fully certified in the core subject area they teach and have been trained in the specialized area of gifted education. The enrichment teachers are professionals in their fields.About Piedmont Properties/CORFAC InternationalPiedmont Properties of the Carolinas, Inc. is a commercial real estate firm located in Charlotte, North Carolina established in 1993 in response to demand for a highly responsive and focused firm offering full service commercial real estate expertise to private sector clients, including entrepreneurs and publicly traded entities alike. Piedmont Properties’ vision is to be and build upon our reputation as a high quality, client-oriented real estate service firm offering our services to local and worldwide corporations. Piedmont Properties brings a team approach to the services we provide to our clients by bringing to the table at any one time a team of real estate professionals who can meet the objectives of our clients. Our brokers provide clients with experience in sales and leasing; tenant representation; site selection; disposition; investments; tax-deferred exchanges; build-to-suit; and real estate evaluations. For more information on Piedmont Properties/CORFAC International visit: www.piedmontproperties.com or call 704.375.1101. About CORFAC InternationalCORFAC International is one of the largest commercial real estate services organizations in the world and celebrates its 21st year in 2010. U.S.-based CORFAC is comprised of privately held entrepreneurial firms serving more than 150 markets in The Americas and internationally through alliances with UK-based King Sturge, BDI in Mexico, Rios CommercialCorp. in Puerto Rico and Panama-based Latin American Corporate Property Services. In recent years, CORFAC firms completed over 9,000 commercial real estate transactions annually, encompassing more than 300 million square feet and valued each year in excess of $30 billion.  For more information on CORFAC contact 954-923-6160, info@corfac.com or visit: www.corfac.com