By Timea Papp
HFF secured $20.7 million in financing for 301 Midtown, a 184,055-square-foot, multi-tenant office property previously known as the Cameron Brown Building in Charlotte’s Second Ward. The advisory team worked on behalf of the borrower to secure the floating-rate acquisition loan through Citizens Bank.
Located at 301 S. McDowell St., in the city’s central business district, the property was completed in 1971 and underwent renovations in 2012. The building features on-site security, a conference room, maintenance and is currently 79 percent leased to a diverse tenant roster.
The HFF debt placement team of Senior Managing Director Travis Anderson and Senior Director Cory Fowler assisted The Fallon Co. in securing the mortgage. The Boston-based developer acquired the asset for $24.5 million in July. The new owner plans to invest in capital improvements to the property including site landscaping, improved entrance lobbies, new amenities, building security, lighting and possible facade embellishments.
“We are excited to see Fallon’s business plan unfold as they are an excellent owner and developer with a thoughtful approach for this asset,” said Fowler, in a prepared statement. “Uniquely positioned adjacent to the Government Center, the property should benefit from increasing demand for office space in Uptown and surrounding areas.”
The 12-story property is proximate to numerous Midtown amenities and is within walking distance of the Spectrum Arena, BB&T Ballpark, Bank of America Stadium, the Mecklenburg Court House and Government Center. Additionally, 301 Midtown is accessible via Interstates 277, 77 and 85, while Bank of America’s headquarters and Wells Fargo’s East Coast headquarters are only a few blocks away.
Image courtesy of Yardi Matrix