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SouthPark neighborhood Projects

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55 minutes ago, archiham04 said:

I have a coworker that lives there.  The location and price seems to be worth the uncertainty

My friend says they are out by July, they moved in because it was a cheap place to live while they look for a job (moved to Charlotte from up here)

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Like the Duke tower and 650 South Tryon, this is another huge Christmas present for the Queen.  The Colony is truly disgusting.  I considered living there temporarily when I first moved to Charlotte until I saw how terrible the apartments are.  That location warrants something great.

Edited by SydneyCarton
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Business Journal is reporting the 2 Capitol Towers have sold for over $200M.

""POP Capitol Towers LP, affiliated with Atlanta-based Preferred Office Properties, acquired Capitol Towers in SouthPark for nearly $208.8 million, according to Mecklenburg County real estate records. Preferred Office Properties, a wholly owned indirect subsidiary of Preferred Apartment Communities Inc. (NYSE: APTS), acquired the mixed-use property from Lincoln Harris, the developer. Capitol Towers includes two 10-story buildings containing 472,500 square feet of office in addition to retail space, a medical office building and parking deck.""

subscriber article  https://www.bizjournals.com/charlotte/news/2018/12/28/capitol-towers-sells-for-200m-plus-making-it-one.html?ana=e_du_prem&s=article_du&ed=2018-12-28&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1546028682&j=85753141

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40 minutes ago, KJHburg said:

Business Journal is reporting the 2 Capitol Towers have sold for over $200M.

""POP Capitol Towers LP, affiliated with Atlanta-based Preferred Office Properties, acquired Capitol Towers in SouthPark for nearly $208.8 million, according to Mecklenburg County real estate records. Preferred Office Properties, a wholly owned indirect subsidiary of Preferred Apartment Communities Inc. (NYSE: APTS), acquired the mixed-use property from Lincoln Harris, the developer. Capitol Towers includes two 10-story buildings containing 472,500 square feet of office in addition to retail space, a medical office building and parking deck.""

 

subscriber article  https://www.bizjournals.com/charlotte/news/2018/12/28/capitol-towers-sells-for-200m-plus-making-it-one.html?ana=e_du_prem&s=article_du&ed=2018-12-28&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1546028682&j=85753141

Very disappointing sale IMO. Think Preferred got a good deal.

 

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^^^^ Me thinks AC by Marriott wants to open by summer of 2020 too.    That is going up fast too.  If it looks like the mock up it will look pretty good. 

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On 12/28/2018 at 3:28 PM, KJHburg said:

Business Journal is reporting the 2 Capitol Towers have sold for over $200M.

""POP Capitol Towers LP, affiliated with Atlanta-based Preferred Office Properties, acquired Capitol Towers in SouthPark for nearly $208.8 million, according to Mecklenburg County real estate records. Preferred Office Properties, a wholly owned indirect subsidiary of Preferred Apartment Communities Inc. (NYSE: APTS), acquired the mixed-use property from Lincoln Harris, the developer. Capitol Towers includes two 10-story buildings containing 472,500 square feet of office in addition to retail space, a medical office building and parking deck.""

subscriber article  https://www.bizjournals.com/charlotte/news/2018/12/28/capitol-towers-sells-for-200m-plus-making-it-one.html?ana=e_du_prem&s=article_du&ed=2018-12-28&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1546028682&j=85753141

Does anyone know the cap rate or NOI?  Kind of hard to judge the sale without it.

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1 minute ago, pgsinger said:

Does anyone know the cap rate or NOI?  Kind of hard to judge the sale without it.

Not off hand it is over $400 a square foot and both towers together are about 90% leased. 

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9 minutes ago, KJHburg said:

Not off hand it is over $400 a square foot and both towers together are about 90% leased. 

A 5% cap rate should put the NOI around $10,440,000 or an average rent of  $24.55 (using 425,250 leased sq feet).

A 6% cap rate should put the NOI around $12,528,000 or an average rent of $29.46 (same as above).

Here is the OM...no mention of NOI, but it does look like your numbers were pretty close.  https://my.hfflp.com/GetDocument.aspx?DT=DealDocument&ID=193084

I agree...seems like a low price for such a prime location.  Maybe the tenant make up is not great?

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The tenant make up is great in the Capitol Towers and I bet the average rent is close $30 a sq ft. Albemarle Corp HQ is the largest tenant, but accounting firms, JP Morgan Bank. Insurance companies pretty diversified list of tenants.  

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9 hours ago, KJHburg said:

Check out this leasing video of Apex Southpark aka the ski slope church redevelopment.  This is going to be very nice!  I bet new to market retailers will land here too

https://www.apexsouthpark.com/leasing/

If it looks as cool as it does in that video, I might actually drag myself out to Southpark to see it and drive under the building tunnel thing

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