Trinity Capital heats up the Charlotte market: Commercial Property Executive Article
October 20, 2014
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Trinity Capital Advisors and DRA Advisors JV Acquires 584 KSF 400 South Tryon
By Eliza Theiss, Associate Editor
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 Energy 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.