Trinity Capital Advisors Purchases Note on Steel Yard in Charlotte’s South End
November 17, 2011
Mixed Use Office / Retail Buildings
1900, 1910, 1928 South Boulevard, Charlotte, North Carolina
78,539 Total SF on 2.78 acres
Charlotte, NC – November 17, 2011 – Trinity Capital Advisors partnered with Urdang Capital Management (a division of Bank of New York Mellon Corp.) to purchase the loan on Charlotte’s Steel Yard, a 78,539 SF property situated on 2.78 acres of land comprised of three buildings, including the historic Tompkins Toolworx building. Located along South Boulevard and Tremont Ave in Charlotte’s popular South End neighborhood, the asset is the current home to several high-profile tenants like Cisco Systems, Sullivan’s Steakhouse and RDK Engineers. Luciano’s Ristorante Italiano will open soon in the former La Paz space (the restaurant currently has two locations in suburban Atlanta).
“We’ve been tracking this asset and its challenged capitalization for a long time, and this note purchase allowed us to gain control of fundamentally strong real estate at a compelling basis,” commented Walker Collier, Managing Director for Trinity Capital. “This project has suffered over the last year due to its capitalization structure, and now we’re ready to re-position and stabilize the asset within the marketplace.”
Trinity Capital Advisors has hired Trinity Partners to serve as the buildings’ property management company. Trinity Partners’ Rhea Green will handle the property’s office leasing, and Charles Thrift at Collett & Associates will handle retail leasing for the asset.
About Urdang Capital Management:
Urdang Capital Management is the sole real estate investment management subsidiary within The Bank of New York Mellon Corporation, ranking as one of the largest global asset managers with $1.3 trillion in assets under management and $26.3 trillion in assets under custody or administration. Urdang’s entrepreneurial philosophy, investment strategies and commitment to clients has led to its success and sustained the company as an industry leading real estate investment management organization.