CHARLOTTE—101 Independence Center, a 565,694-square-foot, class A office tower in Downtown Charlotte, just traded hands. The sale price: $107.75 million.

HFF represented the seller, KBS Real Estate Investment Trust, and its asset manager, Gramercy Property Trust. HFF senior managing director Ryan Clutter and real estate analyst's Zachary Drozda, Kelly Kuykendall, and Ryan Eklund led the charge.

“101 Independence Center received very strong interest from the marketplace, attracting a deep bench of investors,” says Clutter. “Charlotte has truly evolved into a dynamic market for institutional capital.  Given the strong investor appeal of Charlotte currently, we anticipate a very active selling environment through the remainder of 2015 with many notable institutions seeking quality investments in the city.”

A joint venture between LRC Properties and an undisclosed institutional capital source purchased the asset free and clear of existing debt. LRC now owns and manages about 3.4 million square feet of space in Charlotte and is also the third largest industrial owner in Charlotte.

101 Independence Center is situated on 1.83 acres at The Square, the intersection of Trade and Tryon Streets that comprise the center of Downtown Charlotte.  The building is two blocks from the CTC Lynx light rail station, the terminus of the new Lynx Gold Line that runs 10 miles with 34 stops. 

Renovated in 2001, the 20-story office tower features a concierge, food court, restaurants and three-story atrium connecting the tower to the adjacent 451-key Charlotte Center City Marriott hotel. The building has a connected three-story underground parking garage with 320 spaces and an adjacent 268-space parking lot. 

101 Independence Center is 82.2% leased to office tenants Bank of America, Northeastern University, Clifton Larson Allen, G4S Solutions, Grier Furr and Crisp PA; Robinson, Bradshaw and Hinson and Smith Moore Leatherwood LLP. Retail tenants include Newk's Eatery, Starbucks, Uptown Sundries, Subway, Tin Tin Box & Noodles and Showman's.