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| 500 East Morehead Apartments, Charlotte, NC |
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| Ryan Clutter |
CHARLOTTE, NC –– HFF announces the sale of 500 East
Morehead, a 178,336-square-foot, newly constructed, Class A office building
in Charlotte, North Carolina.
The HFF team represented the seller, Beacon Partners, and
procured the buyer, a member company of Zurich North America (“Zurich”),
advised by Zurich Alternative Asset Management, LLC (“ZAAM”), its alternative
investment adviser.
Completed in 2017, 500 East Morehead is one of Charlotte’s
premier office assets featuring high-quality new construction, best-in-class
tenant buildouts, sweeping views of Uptown Charlotte and an attached four-level
parking deck.
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| Scott Humphrey |
The seven-story property also features a market-leading amenity package highlighted by a state-of-the-art fitness center with locker rooms and showers, a shared executive conference room, three shared outdoor terraces, a 900-square-foot rooftop terrace and three popular restaurants on the ground floor.
Tenants at the fully leased trophy asset include
Elliott Davis, CB&I, Lennar Multifamily Communities, Guggenheim Real Estate
and Hood, Hargett & Associates.
The three dining concepts are: The Packhouse, Joe and Nosh
and Capishe. 500 East Morehead is situated in the Morehead Corridor,
Charlotte’s fastest growing area, and has easy access to Uptown, Midtown, South
End and Dilworth.
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| Chris Lingerfelt |
The transit-oriented property is just two blocks from
the Carson Boulevard light rail station and the Charlotte Rail Trail, and has
regional connectivity via Interstates 277, 77 and 85, the region’s three
primary transportation arteries.
The HFF investment advisory team representing the seller
consisted of senior managing director Ryan Clutter, senior director Scot
Humphrey, director Chris Lingerfelt and director Zack Drozda.
The ZAAM team was led by Roy Rosenbaum, director of
Acquisitions, and Sean Bannon, managing director and head of U.S. Real
Estate.
“The sale of 500 East Morehead Street represents a
noteworthy inflection point for the Carolinas market and Charlotte in
particular,” Clutter commented.
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| Zack Drozda |
“This sale demonstrates that Charlotte is now pricing in line with other sought-after U.S. markets such as Austin and Denver. We believe pricing will continue to reset to new levels throughout the Carolinas as more and more institutional capital sources continue to target the region.”
“500 East Morehead was heavily pursued by a multitude of
capital sources,” Lingerfelt added. “This amenity-rich asset boasts one
of the best locations in the city and will be an exceptional investment for
years to come.”
Holliday GP Corp. ("HFF") is a North Carolina
licensed real estate broker.
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| Roy Rosenbaum |
Beacon Partners leases and manages over 9.5 million square feet of space throughout the Carolinas.
ZAAM is the alternative investment adviser to Zurich and its affiliates that is responsible for Zurich’s hedge fund, private equity and U.S. real estate investments.
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| Sean Bannon |
ZAAM runs a national core and core-plus acquisition program out of New York which targets office, retail, industrial and multi-family assets valued between $15 million and $100 million throughout 20 major markets in the United States.
ZAAM currently manages approximately $2.3 billion of commercial real estate exposure in the Unites States for its various affiliated balance sheets.
HFF and its affiliates operate out of 26 offices and are a
leading provider of commercial real estate and capital markets services to the
global commercial real estate industry.
For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
CONTACT:
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
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