Stream Realty Partners (Stream) has sold 300 South Brevard Street, a 358,414-sq.-ft. office building in Charlotte, NC to South Korea’s Hana Alternative Asset Management for $201 million.
At 100 percent occupied, the office building in Charlotte is leased to anchor tenant Wells Fargo long-term. CBRE has facilitated the sale of the property on behalf of Stream.
“300 South Brevard received incredibly strong interest from off-shore investors, particularly from Asian capital sources. Overseas investors continue to flock to credit-worthy, single tenant properties in top tier U.S. markets in search of security,” said Patrick Gildea, vice chairman at CBRE in Charlotte.
Located in the heart of Charlotte’s central business district, 300 South Brevard Street is a trophy core office asset. The 15-story building has a modern design and is situated close to the city’s light rail, Charlotte Convention Center, and many hotels.
“We are very proud of our team’s execution on this asset and we look forward to implementing similar strategies throughout the Carolinas,” said Daniel Farrar, Managing Partner in Stream’s Carolinas office.
“The combination of the long term lease to Wells Fargo, direct access to public transportation, and the recent building renovations generated significant demand and competition from lenders for 300 South Brevard during a challenging time for global capital markets,” said Harris Ralston, first vice president at CBRE in Charlotte.
“Charlotte is a strategic growth market and a core focus for us moving forward. The economic expansion throughout the Carolinas is a result of a region that offers a high quality of life that’s attracting the top talent across the country,” said Adam Jackson, Stream’s Managing Partner of Investments.
CBRE’s Patrick Gildea, Matt Smith, Brandon McMenomy, Grayson Hawkins, and Will Pike were the exclusive marketing agents. CBRE’s Debt and Structured Finance Team of Greg Greene and Harris Ralston secured financing for the buyer.