By Laura Calugar
Beacon Partners has purchased 500 East Morehead, a 178,336-square-foot, recently constructed Class A office building in Charlotte, N.C. An HFF team worked on behalf of the seller and also procured the buyer—a Zurich North America member. The company’s alternative investment adviser, Zurich Alternative Asset Management, represented the buyer in the transaction.
Situated in the Morehead corridor and providing access to Uptown, Midtown, South End and Dilworth, the transit-oriented property is just two blocks from the Carson Boulevard light rail station and the Charlotte Rail Trail. Interstates 40 and 85 are nearby, granting access to other major thoroughfares. Completed last year, 500 East Morehead includes a fitness center, a shared executive conference room, three shared outdoor terraces, a 900-square-foot rooftop terrace and three ground-floor restaurants. The seven-story building also features a four-level parking deck.
Elliott Davis, CB&I, Lennar Multifamily Communities, Guggenheim Real Estate and Hood, Hargett & Associates are among the tenants of the 100 percent leased asset.
“This sale demonstrates that Charlotte is now pricing in line with other sought-after U.S. markets such as Austin and Denver. We believe pricing will continue to reset to new levels throughout the Carolinas as more and more institutional capital sources continue to target the region,” said HFF Senior Managing Director Ryan Clutter, in prepared remarks.
Roy Rosenbaum, director of acquisitions, and Sean Bannon, managing director & head of U.S. Real Estate, led the ZAAM team that represented the buyer. Clutter, Senior Director Scot Humphrey, Directors Chris Lingerfelt and Zack Drozda acted on behalf of the seller. In June, the same team assisted ROC III Fairlead Imperial Center and Crown Realty in the disposition of a four-building office complex in Raleigh-Durham.
Image courtesy of Yardi Matrix