HFF Closes $30.5M Sale of Charlotte Office Building
- Jul 26, 2016
By Adelina Osan, Associate Editor
Charlotte, N.C.—HFF recently closed the sale of a 310,745-square-foot office building located in Charlotte’s central business district. KBS Real Estate Investment Trust sold the asset with the help of HFF for $30.5 million.
Located at 901 West Trade St., between West Fourth and Trade streets in the heart of downtown Charlotte, Gateway Center is a 10-story office building with tenants such as Bank of America and Johnson & Wales University. The property was 90 percent leased at the time of the announcement. A 1.6-acre parcel, currently used as a 29-space surface lot, was also part of the sale. The transit-oriented property is within walking distance of the Greyhound and light rail stations and has easy access to Interstates 277, 77 and 85.
Senior Managing Director Ryan Clutter, Director Scot Humphrey, Managing Director Ralph Smalley and Associate Director Christopher Lingerfelt led the HFF investment sales team representing the seller.
“We received tremendous interest in the Gateway Center offering, further demonstrating the appeal and national attention Charlotte and the Carolinas are receiving from institutional investors,” said Clutter in prepared remarks. “Well-located, urban assets that offer notable upside potential for investors are currently in high demand and we believe this pattern is poised to continue for the foreseeable future.”
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