Buchanan Street Partners Invests $18.7 Million in Equity for Office Property Development in Charlotte, NC
January 2, 2008
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363,000-square-foot office & retail development within a master planned site
Newport Beach, CA – January 2008 – Buchanan Street Partners, a national real estate investment manager and advisor, committed $18.7 million in equity for the development of 363,000 square feet of Class A office and retail in Charlotte, North Carolina. The property, located at 440 South Church Street, is part of a master planned mixed use site spanning 5.2 acres within the Charlotte Central Business District. Buchanan joined with a partnership between Novare Group Holdings and Trinity Capital Advisors to invest in the property; scheduled to be completed in 2009.
“The Charlotte Central Business District is one of the strongest office markets in the country,” said Steve McCarthy, Managing Director of Buchanan Street Partners’ Atlanta office. “The low vacancy rate – less than two percent – coupled with a projected rental growth rate of almost seven percent through 2008 make for a solid investment environment.”
The 15-story property will include 356,000 square feet of office space and 7,000 square feet of ground floor retail. The three other properties within the master planned site include a 462-unit condominium tower, TWELVE ® Hotel & Residences—a boutique hotel/residential tower— and a 1,208-space parking garage. The first condominium tower and the parking garage are currently under construction. Additionally, the property benefits from area amenities including a new 5.2 acre municipal park and close proximity to downtown museums, cultural centers and sports arenas.
“Buchanan is a strong equity partner with the foresight and creativity to recognize promising new opportunities,” said John Long, Chief Investment Officer of Novare Group Holdings. “Charlotte has ne of the country’s most dynamic downtowns, and we, along with Trinity and Buchanan, are excited to be involved in the evolution and development of this great city. Through Buchanan’s leadership, we are now literally at the ground floor of a booming market.” Besides the 440 South Church Street and TWELVE Hotels & Residences development, Novare developed Avenue, a 386-unit high-rise mixed-use development and has Catalyst, a 462-unit high-rise mixed-use development under construction.
Upon completion, 440 South Church Street will be among the first of the five new office buildings to be delivered in the downtown Charlotte office market. 440 South Church will be leased and managed by Trinity Partners, an affiliate of Trinity Capital.
About Buchanan Street Partners
Buchanan Street Partners is a national real estate investment manager and advisor that provides real estate capital and advisory services for owners and developers and Investment Management for nstitutional and high-net-worth investors. The firm’s advisory services include debt and structured finance and investment sales for commercial and multi-family properties. Buchanan’s Investment Management business invests equity and structured debt capital with local operating partners nationally. Offices are located in Newport Beach, Los Angeles, San Francisco, Chicago, Atlanta and Washington D.C. For more information, visit www.buchananstreet.com.
About Trinity Capital
Trinity Capital is a Charlotte based private real estate investment company focused on the acquisition, development and redevelopment of office, industrial and mixed use properties throughout North and South Carolina. Trinity’s investor partners include institutional and high net worth investors located throughout the United States. Since its founding in 2001, Trinity has acquired or developed over 2.1 million square feet of office and industrial properties. Trinity Capital’s sister operating company, Trinity Partners, provides the firm a competitive advantage through offering operating expertise that minimizes risks and maximizes returns for the firm’s investor partners. For more information, please visit www.trinitycapitaladvisors.com.
About Novare Group
With a focus on creating great urban experiences, Novare Group Holdings, LLC is a leading developer of mixed-use high-rise communities in U.S. urban markets. Since its founding in 1992, Novare Group has completed more than 3,500 condominium homes and currently has more than 3,000 condominium homes under construction. The company has also developed or acquired more than 1.1 million square feet of office space and 180,000 square feet of retail space. In 2006 Novare Group launched TWELVE® Hotels & Residences, which pairs boutique hotels with attainably priced condominium residences. Headquartered in Atlanta, Novare Group has development projects in Atlanta, Austin, Charlotte, Nashville and Tampa. For more information, visit www.novaregroup.com