Nov
01

Charlotte’s NASCAR Plaza Under Contract

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Parkway Properties has agreed to buy the 20-story NASCAR Plaza office building for approximately $100 million.

The Charlotte Business Journal reported earlier this month that the Orlando, Fla.-based real estate investment trust had made an unsolicited offer to buy the 390,000-square-foot uptown building as well as the 525 North Tryon building. Parkway acquired the Hearst Tower from Bank of America earlier this year for $250 million.

The NASCAR Plaza building, owned by Trinity Capital Advisors and Rubenstein Partners, is 88 percent leased, with an average in-place rent of $25.61 per square foot. NASCAR has a lease for 139,000 square feet that runs through May 2021, and Chiquita Brands International Inc. signed a lease for about 138,000 square feet this year after deciding to relocate its headquarters from Cincinnati.

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