HFF Announces Sale of Premier Office Asset in Charlotte, North Carolina

Jan 07, 2019 04:17 pm

HFF announces the sale of Capitol Towers, a state-of-the-art property featuring two newly constructed 10-story office towers totaling 477,704 square feet in Charlotte, North Carolina.

The HFF team represented the seller, Lincoln Harris, and procured the buyer, Preferred Office Properties.

Capitol Towers is one of Charlotte’s premier office assets featuring high-quality new construction, best-in-class tenant buildouts and a prestigious SouthPark location. Completed in 2015 and 2017, the property comprises two 10-story office buildings, a retail building housing Legion Brewing Company, a medical office building that is fully leased to Novant Medical Group, the upscale SouthPark Grill restaurant and a seven-level parking deck. The LEED Gold property features a market-leading amenity package including a state-of-the-art fitness center, locker rooms with showers, an executive conference room, a co-working suite and a shared kitchen area. Capitol Towers is 88.5 percent leased and features an impressive tenant roster anchored by investment grade tenants such as Albemarle Corporation; Citizens Bank, N.A.; Sterling Capital Management LLC; Dixon Hughes Goodman LLP, and JPMorgan Chase Bank, N.A.

Preferred Office Properties will be retaining Lincoln Harris for leasing and property management at Capitol Towers. Campbell Walker and Sara Hogan will continue to lease the property for the Lincoln Harris team.

The HFF investment advisory team representing the seller consisted of senior managing director Ryan Clutter, senior director Scot Humphrey, director Chris Lingerfelt and director Zack Drozda.

“Capitol Towers was a sought-after investment opportunity drawing significant interest from numerous institutional investors as well as foreign capital sources,” Clutter commented. “The high quality of the real estate, coupled with the exceptional credit and lease term in the rent roll, was very appealing to investors.”

“The sale of these assets continues the longer-term trend of Charlotte and the Carolinas continuing to attract new and notable investment capital to the market,” Clutter added.

Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.

About Lincoln Harris

Lincoln Harris, together with Lincoln Property Company, provides clients with a national platform and unparalleled institutional resources, including commercial real estate development, investment and property management. Based in Charlotte, Lincoln Harris takes great pride in its reputation as one of the region’s most accomplished full-service commercial real estate companies. Lincoln Harris’ multi-disciplinary team has a long history of working through complex transactions and adopting innovative approaches to real estate problems. The firm takes pride in developing and implementing comprehensive national real estate programs for its clients and cultivating a sense of trust in the communities they serve and the individual transactions they service. To learn more about Lincoln Harris properties and services, please visit www.lincolnharris.com.

About Preferred Office Properties

Preferred Office Properties, LLC is a Maryland limited liability company and an indirect wholly-owned subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS), a real estate investment trust primarily involved in the ownership and management of multifamily properties across the United States. Preferred Office Properties was formed in 2016 to invest in high quality Class “A” office assets through acquisitions of operating properties and strategic, structured participation in new development.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

Ryan Clutter
NC Lic. #172952
HFF Senior Managing Director
(704) 526-2800

Kristen Murphy
HFF Director, Public Relations
(617) 338-0990

Leasing Contacts:

Campbell Walker
Lincoln Harris Senior Vice President
(704) 714-7690

Sara Hogan
Lincoln Harris Vice President
(704) 714-7604