Trinity Capital Advisors Acquires Downtown Charlotte’s 400 South Tryon
October 10, 2014
Trinity Capital Advisors, in a joint venture with DRA Advisors, LLC, has acquired 400 South Tryon, a 33-story, 584,315 SF office building in the heart of downtown Charlotte.
The building is currently 92% occupied, with Duke Energy serving as majority tenant. 400 South Tryon is located in downtown Charlotte, positioned between the center of the city and downtown’s popular cultural district, just steps away from Romare Bearden Park, BB&T Ballpark, and Bank of America Stadium.
“This is a terrific acquisition for Trinity and DRA,” said Gary Chesson, Founding Partner at Trinity Capital. “Our anchor tenant, Duke Energy, has had a presence in the building for several decades, and 400 South Tryon is located right in the heart of Third Ward, which has become a new center of gravity in Charlotte’s downtown,” Chesson added.
Trinity Partners has been hired to lease and manage the building. Rob Cochran, Bill Collins, Jud Ryan, and Craig Evans with Cassidy Turley brokered the transaction on behalf of the undisclosed seller.
This acquisition follows Trinity Capital’s recent announcement of the firm’s latest development project, 1000 South Tryon, a 300,000 SF Class A Office Build-to-Suit in South End at the corner of South Tryon and Morehead streets. The firm is also developing 215 International Drive, a 274,000 SF industrial building in Concord and a 300,080 SF build-to-suit for McKesson Medical Surgical in Riverwalk in Rock Hill, South Carolina.
ABOUT TRINITY CAPITAL ADVISORS
Founded in 2001, Trinity Capital Advisors focuses on the acquisition and development of institutional quality office, industrial, and mixed use real estate in the Southeastern United States. The firm has invested approximately $600 million in the Carolinas since inception. Investments are capitalized through Trinity Capital’s Value Fund series as well as through partnerships with some of the country’s top institutional investors. The firm’s current investment vehicle is Trinity Capital Value Fund III. Trinity Capital has acquired or developed some of the most successful real estate projects in the Southeast, including Ally Center, NASCAR Plaza, Perimeter Woods Business Park, Toringdon Office Park, and Westlake Business Park. For more information about Trinity Capital, please visit our website at www.trinitycapitaladvisors.com.
ABOUT DRA ADVISORS LLC
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations, and insurance companies. Since DRA was founded in 1986, the firm has acquired over $21 billion in assets, including 42 million square feet of office space, 25 million square feet of industrial properties, over 50 million square feet of retail space and 61,000 residential units. Additional information about DRA can be found on the company’s website at www.draadvisors.com.