Chamber Building, a 65,444-square-foot office property in Charlotte, N.C.,’s urban core, traded for $29.9 million. Ferncroft Capital acquired the five-story asset from Grubb Properties. The buyer used a $23.9 million bridge loan held by Terra Capital Partners to finance the acquisition, per Yardi Matrix data. CBRE worked on behalf of the seller.
Located at 330 S. Tryon St., the building is within walking distance of restaurants, retail, green space, entertainment and public transportation in the city’s CBD. Currently, the Charlotte Chamber of Commerce, Perkins & Will, Compass Bank, Famous Toastery and Progressive AE are among the property’s tenants. Chamber Building includes an adjacent garage and has the potential for further vertical development. In 2015, the 1962-built property underwent extensive renovations.
“Jewel-box office buildings like 330 South Tryon are becoming increasingly more appealing to investors given the high intrinsic value of the site and limited risk associated with backfilling properties that appeal to smaller and mid-sized tenants,” said Patrick Gildea, executive vice president at CBRE, in a prepared statement. Gildea, Senior Associate Matt Smith and Senior Financial Analyst Grayson Hawkins were part of the CBRE team that represented the seller.
According to the latest Yardi Matrix office report, tight market conditions foster healthy demand for office space in Charlotte. A favorable business climate and quality of life, solid population gains and a young workforce have helped the metro grow rapidly during this economic cycle.
Image courtesy of Yardi Matrix