The Fallon Co. Shells Out $25M for Charlotte Office Asset
- Jul 07, 2017
In a deal brokered by HFF, The Fallon Co. acquired Cameron Brown Building, a 12-story office building located in Charlotte’s Second Ward. The multi-tenant property will serve as the company’s regional headquarters. According to Yardi Matrix data, the Boston-based developer paid $24.5 million.
Located at 301 S. McDowell St., the 184,144-square-foot property defaulted on a $21 million CMBS loan in April 2012, under the ownership of The Chetrit Group, Yardi Matrix data shows. Cameron Brown Building was sold after foreclosure for $15.5 million into a partnership with U.S. Bank, managed by CWCapital Asset Management. Prior to this, the asset traded in 2005 as part of a $47.5 million portfolio transaction that also included the nearby Sheraton and Le Meriden Charlotte building at 555 S. McDowell St.
According to Yardi Matrix, the Class B office property constructed in 1971 offers 15,250-square-foot floor plates and a total of 822 parking spots. The Cameron Brown Building also includes 1,400 square feet of retail.
Central location in thriving city
It’s all about location for this property, which is situated across the street from Marshall Park, close to several hotels and a handful of Mecklenburg County offices. The high-rise sits on 2.7 acres, offering quick access to Interstate 277. It’s also a 15-minute walk from the Charlotte Convention Center.
“We chose 301 S. McDowell St., to be the headquarters for our Southeast region due to its prime location and connectivity to the city,” said Michael Fallon, chief investment officer of The Fallon Co., in prepared remarks. “Given Charlotte’s strong economic forecast, commercial and residential urban remigration, and central regional location, we plan to continue making significant investments in this market.”
This is The Fallon Co.’s second foray into the local market. In 2016, the company was selected as master developer and lead investor for the redevelopment of the transit-oriented, mixed-use Strawn Cottages.
Image courtesy of Yardi Matrix