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BB&T Center (200 S. College) sold for $115 million


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BB&T office tower in uptown Charlotte sold for $115 million to a New York firm

JANUARY 20, 2021 02:15 PM, 
UPDATED 41 MINUTES AGO 

 

The BB&T Center in uptown Charlotte sold for $115 million to a New York company, Mecklenburg County property records show. 

The sale included the 22-story office tower and the parking garage next door, according to a Tuesday release from JLL Capital Markets, which brokered the sale. 

The center, which was built in 1977, was sold to an entity called BB&T Properties LLC, based in New York. JLL’s release declined to name the buyer.

 
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If this ain't a canary in a coal mine, I don't know what is.  This building sold for $117 million in 2007, $149 million in 2017, and now $115 million.  Nobody seems to be willing to accept the fact that "Uptown" Charlotte is overbuilt, especially in the office and hotel sectors.  The Class B buildings (including the subject property, and several other towers built in the '60s/'70s) are going to take it on the chin as their tenants are given deep rental discounts and lease concessions by the landlords of the new buildings.
 
 
 
 
 
Edited by southernnorthcarolina
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actually the former owners Arden sold the parking garage to Cousins for $85 M so they made a profit as they purchased the building and the garage.  The building has high occupancy.

Correct, adding in CapEx but netting out cash flow, and assuming 50% debt, a nice approx 70% return for Arden.  Long live Uptown

DEVELOPMENT Development BB&T office tower in uptown Charlotte sold for $115 million to a New York firm BY DANIELLE CHEMTOB JANUARY 20, 2021 02

24 minutes ago, KJHburg said:

actually the former owners Arden sold the parking garage to Cousins for $85 M so they made a profit as they purchased the building and the garage.  The building has high occupancy.

Wait I am confused the article says the garage and the building. Was there a second garage in the 147 price? 

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4 minutes ago, Blue_Devil said:

Wait I am confused the article says the garage and the building. Was there a second garage in the 147 price? 

the article is wrong.  the office building was sold just that and the parking garage was purchased by Cousins for $85 M for their newly renamed BofA Plaza building to use

Cousins Properties Buys Uptown Charlotte Parking Garage for $85 Million | CoStar

here is the Biz Journal article on the building sale

Uptown office building BB&T Center sells to New York group for $115M - Charlotte Business Journal (bizjournals.com)

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34 minutes ago, atlrvr said:

Correct, adding in CapEx but netting out cash flow, and assuming 50% debt, a nice approx 70% return for Arden.  Long live Uptown ;)

So the total return on this property was $210 Million.... Is the Canary telling us uptown is thriving property price wise? 

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So the Charlotte Observer was wrong?  What a surprise!  If the parking deck was not part of the sale, then of course the sellers did well.

I suspect there are side deals which we're not yet seeing.  If Cousins has indeed purchased the parking deck, they likely have leased a significant number of parking spaces to the new owners of the 200 South College Building (or whatever they call it after BB&T leaves).  It would make no sense for someone to buy the building without having parking for their tenants.  So that will cut into the total return for Arden.

I look forward to a clarification or correction from the Observer.

 

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