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CHARLOTTE, NC –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 121 West Trade Street, a 32-story,
330,483-square-foot, Class A office building in Charlotte, North Carolina.
HFF marketed the property
on behalf of the seller, a partnership controlled by The Dilweg Companies. LPC Realty Advisors I, LP, an affiliate of
Lincoln Property Company, in conjunction with their local affiliate Lincoln
Harris, purchased the asset on behalf of a pension fund client.
121 West Trade Street is
situated in the heart of Charlotte’s downtown, within walking distance of
nearly all of the city’s amenities and attractions including The EpiCentre,
Spirit Square Center for the Arts, Discovery Space Center, Time Warner Cable
Arena, the Levine Center for the Arts, and the new Gold Line streetcar system,
connecting to the entire light rail system.
The property has efficient connectivity to Interstates
277, 77 and 85, and is within 20 minutes of the Charlotte Douglas International
Airport and 15 minutes from SouthPark, a popular Charlotte shopping
destination. 121 West Trade Street’s
largest tenant is Chicago Bridge & Iron.
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| Ryan Clutter |
Additional tenants include
SAS Institute, Caudle & Spears and Brookwood Associates. The property also features the Charlotte City
Club on the top two levels and parking on levels two through nine.
The HFF investment sales
team representing the seller was led by senior managing director Ryan Clutter.
“The market aggressively
pursued 121 West Trade Street as buyers realized the building’s potential to
harness very strong rents in the future,” said Clutter.
“121 West Trade Street’s irreplaceable
location at Trade and Tryon Street, in the center of downtown Charlotte,
position the building very favorably with new and existing tenants, as this
asset is poised to outperform for its new owner for many years to come.”
“We are currently
experiencing the strongest demand in the market for value-add office buildings
located in strong CBD’s like downtown Charlotte. 121 West Trade Street was no exception as
considerable capital aggressively competed for this asset.
“The sale of this
exceptional building further demonstrates the strong investment sentiment for
Charlotte and for best of class buildings in the market. We believe investor demand for assets of this
nature will continue to be robust in the year ahead,” added Clutter.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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