Trinity Capital JV Buys Charlotte Office Building for $76M
The property traded for 30 percent less than its previous sale price.
Image courtesy of Yardi Research Data
Town Lane and Trinity Capital Advisors have purchased 440 South Church, a 388,657-square-foot Class A office building in Charlotte, N.C. The property changed hands for $75.8 million, the Charlotte Business Journal reported. EPIC previously owned the asset, Yardi Research Data shows.
Trinity Capital developed the property also known as Ally Center in 2009 and sold it to EPIC in 2014 for $108.8 million, according to the same source. PNC Bank issued a $60 million acquisition loan for that transaction.
Rising 15 stories at 440 S. Church St., the office building features floorplates averaging 26,753 square feet and 10,000 square feet of retail space. Its shared amenities include a fitness center and locker rooms, as well as a conference and training space.
The LEED Gold-certified property was less than 40 percent leased at the time of sale. Its tenant roster includes Driven Brands and HDR Engineering, to name a few.
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The new ownership plans to invest more than $20 million for the renovation of Ally Center. Upgrades are expected to include the addition of hospitality quality lounges, enhancement of the street-level retail presence, as well as improvement of the building’s systems, common areas and second-floor tenant amenity experience.
Located in downtown Charlotte, the mid-rise is near Interstate 277, the Bank of America Stadium and the Truist baseball field.
The highs and lows of Charlotte’s office sales
Charlotte’s office transaction volume amounted to $430 million in the first three quarters of the year, with 18 properties changing hands for some $136.7 per square foot, Yardi Research Data shows. During the same interval of 2024, the metro’s investment sales had reached only $240 million; the 21 transactions registered back then averaged $165 per square foot.
The drop in the average price per square foot marks a general trend across the U.S. Approximately 46 percent of office assets traded at a discount this year through July, according to a recent Yardi Matrix report.
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