Sale of 121 West Trade Street in downtown Charlotte closed by HFF
CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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. 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.
About The Dilweg Companies
The Dilweg Companies is a full-service commercial real estate investment firm based in Durham, North Carolina. Since its launch in 1999, Dilweg has gained broad experience in the acquisition, development and operation of office, retail warehouse/flex, multifamily and self-storage properties. Dilweg’s investors have sponsored over $880 million in assets and more than 8.9 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. For more information, please call (919) 313-3483 or go to www.dilweg.com.
About Lincoln Property Company
Lincoln Property Company was founded in 1965 as a developer and manager of high-quality residential communities. Over the next few years, the firm expanded its line of products and services to include commercial real estate. Its national reputation for successful management of its own properties quickly attracted a large client base of owners and investors who recognized the value that the firm could provide in development, property management and real estate consulting services. Today, Lincoln Property Company is one of the most respected and diversified service firms in the United States, employing thousands of experienced, dedicated people who serve a growing client base that reaches coast-to-coast, as well as into Mexico and Europe.
Lincoln Property Company and Lincoln Harris combine to provide clients with a national platform and unparalleled institutional resources that include more than 6,800 employees in 45 administrative offices in the United States and Europe. They manage and lease more than 356 million square feet and take pride in developing and implementing comprehensive national real estate programs for their clients and cultivating a sense of trust in the communities they serve and the individual transactions they service.
LPC Realty Advisors I, LP (LPCRA) is an investment advisory affiliate of Lincoln Property Company. LPCRA’s current portfolio consists of $1.8 billion in core and value-add investments, including assets totaling 7.4 million square feet in 15 markets nationwide.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a North Carolina licensed real estate broker.