CHARLOTTE—Inland Private Capital sold the BB&T headquarters building in Winston-Salem, NC to investors for $60 million. Charlotte-based investor Ray Gee and Atlanta-based investor Tyson Rhame partnered to buy the 240,000-square-foot, 20-story office tower as a long-term hold.

At $250 a square foot, the sale marks the highest per-square-foot price ever paid for a Winston-Salem office property. The asset is expected to produce an annual return of about 7.25% before debt but after expenses.

It seems like a solid grab. BB&T Bank, one of the largest financial services holding companies in the US, occupies the building under a 23-year triple net lease.

“It is a generational investment for my family office,” says Rhame, principal of Trinvest. “Being part of BB&T and Winston-Salem is a winning combination.”

Gee and Rhame acquired the asset under a leveraged transaction using a Delaware statutory trust structure. The buyers are selling stakes in the building to investors seeking a 1031 exchange transaction.

“The long-term credit lease of BB&T in an attractive capital market provided the opportunity to create an investment product attractive to zero-cash-flow buyers with a low basis in the 1031 exchange market,” says Gee. Gee is principal of Gvest Capital.