America’s Capital Partners Sells Charlotte Campus for $102M
- Mar 05, 2020
Noting that Charlotte, N.C., has become one of the nation’s top markets for office investments, JLL Capital Markets announced it had closed the $102 million sale of three Class A office buildings—Coliseum III, V and VI—totaling 511,344 square feet and arranged $79.4 million in financing for the deal.
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JLL represented the seller, America’s Capital Partners, and procured the buyer, Charlotte-based South Street Partners. The JLL Capital Markets team also arranged the four-year, floating-rate acquisition loan with Brookfield for the buyer. The team representing the seller was led by Senior Managing Director Ryan Clutter, Senior Director Chris Lingerfelt and Director Zack Drozda. The team representing the borrower was led by Senior Managing Director Travis Anderson and Director Taylor Allison.
Clutter said in a prepared statement the deal demonstrates the investor appeal of the Charlotte office market, which has strong employment growth and leasing demand. Lingerfelt, also in prepared remarks, pointed to the Airport submarket and noted both the submarket and Coliseum Centre properties are poised for growth because of the underlying fundamentals in the area.
Last month, JLL’s Clutter represented Angelo Gordon, the owner of LakePoint Corporate Center 3 and 5, a 226,863-square-foot office campus in Charlotte, in the sale of the property to Bridge Office Fund Manager, a subsidiary of Bridge Investment Group. The office campus was also located in the Airport submarket.
Built between 1996 and 1998, the six-story Coliseum Centre buildings are 87 percent occupied and offer amenities not normally found in similar-sized buildings including on-site dining options, three oversized fitness centers, a conference facility, three large boardrooms, 60-person training facilities with adjacent tenant Wi-Fi lounge and a shared collaboration area.
Coliseum Centre III, located at 2550 W. Tyvola Road, has 200,725 square feet and is located on 14.28 acres with 743 parking spaces. Tenants include Saussy Burbank, Paycor, Circle K, Baker & Taylor and Swinerton. Coliseum Centre V is located at 2810 Coliseum Centre Drive and has 155,844 square feet and 745 parking spaces on a 9.75-acre site. Tenants include Valta and Curvature, which signed a long-term lease in February 2018 for 41,716 square feet at the building for its headquarters. Coliseum Centre VI is located at 2815 Coliseum Centre Drive and has 153,272 square feet and 567 parking spaces on an 8.34-acre site. Tenants include Brinkley Financial Group, Acara Solutions, VP Engineering, ADW Architects, Aetna and Compass Group.
The properties are immediately adjacent to Billy Graham Parkway and are close to Interstates 77, 85 and 485, the area’s primary transportation arteries. They are also a short distance from the Charlotte Douglas International Airport and Uptown Charlotte, the city’s central business district. Many top hotel brands are also nearby.