Holliday Fenoglio Fowler, L.P. ("HFF") announces the sale of 101 North Tryon, a 546,878-square-foot, 20-story office tower located in the Uptown submarket of Charlotte, North Carolina.
HFF marketed the portfolio on behalf of the seller, Barings LLC, to Crescent Communities.
101 North Tryon is situated in the heart of Charlotte's central business district, affectionately known as Uptown. This "Main and Main" location is within walking distance to all of Charlotte's major public transportation hubs, which offer bus, trolley and light rail service throughout the city. This prominent Uptown location also provides an abundant amenity base of more than 100 restaurants, retailers and entertainment options, including Bank of America Stadium, which is home to the NFL's Carolina Panthers, and Spectrum Center, which is home to the Charlotte Hornets NBA team. Additionally, the Class A office tower is within minutes of the Levine Center for the Arts, Discovery Place and Epicentre. Recently renovated in 2018, 101 North Tryon offers tenants a newly updated lobby and tenant common areas. Additionally, the property has direct access to two hotels, The Charlotte Marriott City Center and the boutique Ivey's Hotel. Tenants at the tower include Bank of America; Robinson Bradshaw & Hinson, P.A.; Spaces; Sunlight Financial and Northeastern University.
The HFF investment advisory team representing the seller consisted of senior managing director Ryan Clutter, managing director Scot Humphrey, senior director Chris Lingerfelt and director Zack Drozda.
"We received significant interest in 101 North Tryon, underscoring a notable trend gaining momentum in Charlotte and Uptown Charlotte in particular," Clutter said. "The city is currently experiencing notable job growth with numerous high-profile job announcements and corporate relocations to the city within the past few quarters alone. Capital follows job growth, and we anticipate we will continue to see more and more investors targeting Charlotte throughout 2019."
"101 North Tryon's unmatched center-city location, unobstructed views and untapped retail will provide new ownership with limitless enhancement opportunities," Lingerfelt added. "This asset garnered significant interest from both regional and institutional capital sources."
"The sale of 101 North Tryon culminates the successful execution of our value-add office repositioning strategy at the property," said Kevin Miller, managing director at Barings. "Together with our partner, LRC Properties, we were able to significantly increase occupancy and rental rates over the four-year holding period through the renovations at the office building while taking advantage of the strong market fundamentals in Uptown Charlotte."
About Barings
Barings is a $317+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of its clients and customers. Through active asset management and direct origination, Barings provides innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.
*As of March 31, 2019
About LRC Properties
LRC Properties is a commercial real estate investor and developer with extensive operating expertise and a successful track record of maximizing value for its partners and investors. LRC employs a focused strategy on office and industrial assets in select fundamentally sound Southeastern U.S. markets. LRC is built on Integrity, Cultivating Relationships and Communities, Empowering Human Capital…Vision and Imagination.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of multifamily, commercial and mixed-use communities. Crescent creates high-quality, differentiated communities in desirable locations in many of the fastest-growing markets in the Southeast and Southwest. Since the company was founded in 1963, Crescent's development portfolio has included more than 60 single-family master-planned communities, 55 multifamily communities and more than 20 million square feet of commercial space. Its multifamily communities are branded NOVEL by Crescent Communities. For more information, visit https://www.crescentcommunities.com/.
About HFF
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. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. HF. For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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