Trinity Capital Announces Sale of NASCAR Plaza
December 31, 2012
Charlotte, NC – December 31, 2012 – Trinity Capital Advisors is pleased to announce the sale of NASCAR Plaza to Parkway Properties. The 20-story LEED Silver Certified tower is located
at 550 South Caldwell Street in downtown Charlotte, NC.
Trinity Capital purchased the 390,000 SF building on December 29, 2010 in a joint venture with Philadelphia’s Rubenstein Partners. Under Trinity Capital’s ownership, the building’s occupancy grew from 37% to 88% through several significant transactions, including Chiquita Brands International and Heels.com’s corporate relocations, and NASCAR Media Group’s expansion.
“We are very proud of the excellent team that helped turn this asset around so quickly,” noted Trinity Capital principal David Allen. “To be part of such a successful investment opportunity in our own market is very rewarding, both for us as well as our investors.”
“NASCAR Plaza is a remarkable asset that we were fortunate to stabilize in a short period of time,” said Trinity Capital’s Greg Schild, who served as NASCAR Plaza’s Asset Manager. “We look forward to additional high-quality office and industrial acquisitions.”
Trinity Partners’ Laura Wilson served as the asset’s Property Manager. Anne Vulcano and Jessica Brown of CBRE handled the building’s leasing duties.
ABOUT TRINITY CAPITAL
Trinity Capital Advisors is a real estate investment firm that acquires and develops office, industrial, and mixed-use real estate in the Southeastern United States markets of North Carolina, South Carolina, Virginia, Georgia, and Tennessee. Trinity Capital invests directly from its series of real estate investment funds, and also partners with institutional investors, to build or improve the workplace real estate in which it invests. Trinity Capital’s investment platform has two primary competitive advantages: through its sister company, Trinity Partners, the firm is connected to the marketplace, making the majority of its investments off-market, and Trinity Capital’s operating platform puts the firm closer to each investment, allowing it to produce outstanding returns for investor partners. Trinity Capital is currently investing from Trinity Capital Value Fund III.