CHARLOTTE, NC-CIM Urban REIT LLC has acquired the 553,000-sf BB&T Center at 200 South College St. for $117 million. The property is a 22-story building with an attached 11-story, 1,520-space parking garage.

CIM Urban REIT is a private REIT managed by Los Angeles-based CIM Group. The seller of the property was BB&T Center Limited Partnership. Spectrum Properties will handle leasing for the building.

Jones Lang LaSalle acted as the exclusive broker on behalf of the seller. Jones Lang LaSalle managing director Mark DeRiemer, along with Michael Carpenter and Ashley Fitzgerald in New York City, handled the sale. “BB&T Center will always play a strong niche role in Uptown Charlotte due to its parking, its over-street skybridge connections, and its efficient floor layouts,” DeRiemer says. “At a sale price of $212 per sf, the 99%-leased property traded well below reproduction costs.”

The building has 20 tenants, including Bank of America which occupies 47% of the building and BB&T which leases 22% of the space. “We were pleased that so many investors came to appreciate the unique features we designed into the building when we built it 30 years ago, including tunnel parking access, the five over-street walkways and the three mid-level 60,000-sf floor plates,” says Little and Co. president Rodney Little, the seller’s general partner.

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