Charlotte CBD Office Building Sells for $41M

Anchored by Bank of America, the 10-story property constructed in 1987 last changed hands less than three years ago. CBRE brokered the latest transaction.
Gateway Center
Gateway Center

CBRE has brokered the sale of Gateway Center, a 310,745-square-foot office building in Charlotte, N.C. Hamilton EQ purchased the asset from GEM Realty Capital for $40.5 million. According to Yardi Matrix data, the building previously changed hands in July 2016, for $28.5 million.

Located at 901 W. Trade St. within the city’s central business district, the 10-story Gateway Center is near Interstate 77, with Charlotte International Airport roughly 8 miles away. According to Yardi Matrix, the building was constructed in 1987 on a 2.2-acre parcel and includes 8,000 square feet of retail space. The property was 91 percent occupied at the time of sale, with anchor tenant Bank of America leasing 78 percent of the building.

“The quick resale of Gateway Center is evidence of Charlotte’s continued rapid improvement in real estate fundamentals, and therefore valuation,” said Patrick Gildea, executive vice president at CBRE, in a prepared statement. 

Gildea, together with Senior Associate Matt Smith and Senior Financial Analyst Grayson Hawkins of CBRE represented the seller. In February, the same team arranged the sale of another Charlotte CBD office building for $29.9 million.

Image courtesy of CBRE