Trinity Capital Advisors and DRA Advisors JV Acquires 584 KSF 400 South Tryon
- Oct 17, 2014
Trinity Capital Advisors has been heating up the Charlotte commercial real estate market of late. The company recently announced the sale of the 313,000-square-foot Permiter Woods Business Park and the development of 1000 South Tryon, a new 300,000-sq.-ft. Class A office building set to rise in Charlotte’s South End. In the latest news, it now purchases 400 South Tryon Street for an undisclosed amount.
The 584,315-square-foot office tower was bought in a joint venture with DRA Advisors, LLC. According to the Charlotte Business Journal, the partnership acquired the 33-story tower from an affiliate of UBS Realty Investors. The seller was represented by Cassidy Turley.
A prized skyscraper of Charlotte’s downtown core, 400 South Tryon is located between the city center and downtown Charlotte’s popular cultural district, offering swift access to the BB&T Ballpark, Bank of America Stadium and the Romare Bearden Park. The Class B office building is 92 percent occupied, with Duke Energus as anchor tenant. Trinity partners has been contracted to handle leasing and property management. 400 South Tryon features an attached 526-car attached garage and a full-service restaurant.
The acquisition is in line with DRA’s office asset investment criteria that targets Class A and B properties with over 70 percent occupancy rates. It is also in line with Trinity;s investment strategy that focuses on acquiring and developing office, industrial and mixed-use assets in the Southeastern U.S. Trinity’s recent activity also includes rounding out its ownership of the 517,392-sq.-ft., six-building Toringdon office park. It snapped up the last two properties, and announced the development of Toringdon Way, a new 175,000-square-foot office property in the park.
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Image courtesy of Trinity Capital Advisors