Jan
16

Charlotte Office Building Sold for $19 Million (8.2% Cap Rate)

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A Toronto-based real estate investment trust has purchased the Linville Building, a five-story north Charlotte office property across from Northlake Mall, for $19 million.

Agellan Commercial REIT closed on the acquisition this month, buying the office building from Trinity Capital Advisors and its ownership partners, Collett and Core Properties. The 118,497-square-foot building was developed in 2008 and is 96% occupied by tenants that include Positec Tool Corp., SGL Carbon and Regus.

Tenants at the Linville Building have a weighted average lease term of six years, according to Agellan, and more than half the space is leased to tenants with more than eight years of term remaining. The real estate investment trust says the purchase price represents an attractive capitalization rate of 8.2%

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