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

Jones Lang LaSalle acted as the exclusive broker on behalf ofthe seller. Jones Lang LaSalle managing director Mark DeRiemer,along with Michael Carpenter and Ashley Fitzgerald in New YorkCity, handled the sale. "BB&T Center will always play a strongniche role in Uptown Charlotte due to its parking, its over-streetskybridge connections, and its efficient floor layouts," DeRiemersays. "At a sale price of $212 per sf, the 99%-leased propertytraded well below reproduction costs."

The building has 20 tenants, including Bank of America whichoccupies 47% of the building and BB&T which leases 22% of thespace. "We were pleased that so many investors came to appreciatethe unique features we designed into the building when we built it30 years ago, including tunnel parking access, the five over-streetwalkways and the three mid-level 60,000-sf floor plates," saysLittle and Co. president Rodney Little, the seller's generalpartner.