Charlotte, NC (February 4, 2015) – CBRE’s Charlotte office has finalized the sale of the Johnston Building, located at 212 South Tryon Street. CBRE’s Patrick Gildea led the sale on behalf of the owner, The Barnard Company.
The 85.9%-occupied building is an historic Class-B+ asset with 172,382 square feet and 17 stories. It is located within the vibrant Downtown submarket of Charlotte, one block from Trade and Tryon Streets, and directly in the path of recent growth. The asset piqued interest from a variety of potential investors, ultimately selling to the Dilweg Companies for $25,300,000 on February 2, 2015.
The building was constructed in 1924 and was extensively renovated in the 1980s. It has undergone a significant amount of capital improvements in the last 24 months. The Johnston Building offers excellent street-level retail space along Tryon Street, the main artery of the Charlotte Commercial Business District.
“The Charlotte Downtown market continues to draw investor interest matching or even exceeding levels from the previous market peak,” said Patrick Gildea, Senior Vice President with CBRE Charlotte Capital Markets. ”Investors are excited about Charlotte’s bright future, particularly given its continued population growth, job growth and strengthening market fundamentals.
Anchor tenants include Carlisle & Gallagher Consulting Group, Fifth Third Bank, Genesis Corp., the Office of the Comptroller of the Currency and Preferred Parking Service.
The Downtown submarket posted the lowest vacancy rate on record in the last six years as of the fourth quarter of 2014. As a result, asking rates have increased for the eighth consecutive quarter and are the highest seen since the end of 2009.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.