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| First Citizens Bank Plaza, Uptown Charlotte, NC |
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| Ryan Clutter |
CHARLOTTE, NC –– Holliday
Fenoglio Fowler, L.P. (“HFF”) announced it has closed the $115.5 million sale
of and arranged acquisition financing for a two-building office portfolio
comprising First Citizens Bank Plaza in Uptown Charlotte, North Carolina, and
Sarasota City Center in Downtown Sarasota, Florida.
HFF marketed the portfolio
on behalf of the sellers, Osprey East, LLC and Osprey s.a., Ltd. The Dilweg Companies (“Dilweg”), based in
Durham, North Carolina, purchased the properties.
Additionally, HFF worked
on behalf of Dilweg to place fixed- and floating-rate financing with Torchlight
Investors, based in New York City. The
structured financing partially funded the acquisition and also has the capacity
to fund near-term planned capital improvements and leasing-related costs on the
properties.
First Citizens Bank Plaza
is a 476,987-square-foot, Class A, 23-story multi-tenant office building
comprising two towers with sweeping views of the new Charlotte Knights baseball
park, Charlotte skyline and Tryon Street.
Developed in 1986 and renovated in 2002, the
property features a seven-story parking garage with 701 stalls, several on-site
restaurants and a bank. Currently 29
percent occupied, tenants include First Citizens Bank; Collabera, Inc.;
Manpower; Voya Financial Services; American Heart Association and Strategic
Staffing.
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| Hermen Gonzalez |
First Citizens Bank Plaza is located at 128 South Tryon Street in the core of
downtown Charlotte between West Fourth and Trade Streets and two blocks from
the new Gold Line, an Uptown streetcar system that connects to the Charlotte
light rail system.
The 245,293-square-foot
Sarasota City Center is a two-tower, Class A office building with 13 floors in
the north tower and three floors in the south tower.
Completed in 1989, the 88-percent-occupied
property is home to multi-national, Fortune 500 and investment credit tenants,
including Boar’s Head, RBC Capital Markets, Merrill Lynch and Wells Fargo.
Additionally, the property features panoramic
views of downtown Sarasota and the Sarasota Bay, a six-story parking garage
with 625 stalls, on-site restaurant and bank, hair salon and spa, dry cleaners,
fitness center, lockers and landscaped courtyard with tables and chairs.
Situated one mile from the
Gulf of Mexico, Sarasota City Center is located at 1819 Main Street on the
northwest corner of Main Street and Links Avenue in the heart of downtown
Sarasota. The property’s central
location puts it within walking distance of several downtown amenities,
including numerous restaurants and retail, Pane Park, Sarasota County
Courthouse and a Whole Foods Market.
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| Sarasota City Center, Sarasota, FL |
The HFF investment sales
team representing the seller was led by senior managing director Ryan Clutter, senior managing director Hermen Rodriguez, director Scot Humphrey, associate director Chris Lingerfelt and associate Tracey Goo.
“The sale of First
Citizens Bank Plaza and Sarasota City Center demonstrates the appeal in the
marketplace for well-located, CBD assets with notable upside opportunities,”
Clutter said.
“Both of these exceptional
assets are located in strong rent growth corridors and provide the opportunity
to achieve attractive returns upon leasing up the remaining vacant space in
each asset.
“ We received strong
interest in these assets and anticipate continued strong demand for similar
offerings through the remainder of 2017.
The leasing fundamentals in most southeastern markets are very strong,
and investment capital is taking note.”
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| Travis Anderson |
“First Citizens Plaza
offers tremendous upside to its new ownership group and is one of the
best-located office buildings in the Uptown Charlotte area,” Lingerfelt added.
HFF’s debt and equity placement team
representing the buyer was led by senior managing director Travis Anderson and director Brent
Bowman.
“First Citizens Bank Plaza
and Sarasota City Center are two, well-located office buildings that will
greatly benefit from a fresh infusion of capital as well as Dilweg’s strong
track record of successfully stabilizing value-add office properties,” Anderson
said.
“While the significant
vacancy of First Citizens made acquisition financing challenging, ultimately
the high-quality nature of the assets, prime CBD locations and experienced
sponsorship attracted many lenders to the table,” Bowman added.
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza,
Suite 700 | Houston, Texas 77046
