X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHARLOTTE, NC-A 99%-leased office asset here is now listed in the portfolio of Hines-Sumisei US Core Office Fund, LP. A subsidiary of the Core Fund acquired the Carillon building for $140 million, bringing the number of assets in the fund’s portfolio to 23.

The Core Fund bought the property from Cornerstone Realty Advisors f Hartford, CT, which acquired the Carillon building in August 2004. Eastdil Secured’s Robert McCall, Randy Evans and Mike McDonald repped Cornerstone; Hines repped the Core Fund. Hines will take the management and leasing reins at the property.

The Carillon building is a 25-story, class A office property on West Trade Street, near the intersection of Trade and Tryon streets. The tenant roster at the 490,000-sf property includes Cadwalader Wickersham & Taft; Deloitte & Touche; Crosland, Barry, Evans Joseph & Snipes; and the US Attorney’s Office.

“The acquisition of Carillon quickly expands Hines’ presence in one of the strongest office submarkets in the Southeast, following our recent acquisition of the 625,000-sf Charlotte Plaza,” Hines vice president Kurt Hartman says in a release. “The combination of these two acquisitions will allow us to offer the market greater choices for their office requirements.”

According to Colliers Pinkard’s Q1 market statistics, office vacancy in the CBD hovers around 3.8% with an average rental rate of $22 per sf. For class A properties, CB Richard Ellis puts the Downtown vacancy at 1.62% and the average asking rental rate for $24.74.

The Core Fund, a Hines and Sumitomo Life Realty Inc. investment vehicle, targets core office buildings across the US. All total, the fund’s portfolio now consists of 12.4 million sf of rentable area. “We are very pleased to be able to expand our presence in a growing and dynamic market such as Charlotte,” Core Fund president Charles Hazen says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.