HFF Leads $6.7M Sale of Charlotte Office Building
- Dec 07, 2015
Chicago-based Origin Capital Partners recently acquired an 80,891-square-foot office property within the University Place mixed-use development in Charlotte for $6.7 million. One University Place was purchased from Financial Enterprises III free and clear of debt and HFF facilitate the transaction.
Located at 8801 JM Keynes Dr. within the University Place development in northeast Charlotte, One University Place is connected to the Shoppes at University Place offering a variety of retail, restaurant, medical and lodging amenities including a Hilton hotel, Dick’s Sporting Goods, Office Depot, Sam’s Club, TJ Maxx, Applebee’s, Chick-fil-A and Love Sushi.
One University Place was originally built in 1986 and was 66 percent leased at the time of the sale to a mix of health care, technology, consulting and business services tenants. The largest tenants at the property are Bayada Home Health Care and University Radio.
“One University Place represents a compelling investment opportunity in a thriving corner of the University area of Charlotte. This office submarket is the tightest it has been in many years and in 2017, the light rail line extension will open up in immediate proximity to this building, further connecting the asset to other major business corridors of Charlotte,” said Ryan Clutter, senior managing director at HFF. “We received considerable interest in the asset from the marketplace as investors were drawn to these attractive characteristics of One University Place.”
HFF closed the sale of One University Place and assisted the new owner in securing an acquisition loan through First Tennessee Bank. Clutter led the HFF investment sales team representing the seller and Travis Anderson, senior managing director, along with Cory Fowler, associate director, led HFF’s debt placement team representing the borrower.
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