For Auction
Asset Snapshot
Offering Summary
RealINSIGHT Marketplace and Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp. a North Carolina licensed real estate broker (“HFF”) are pleased to exclusively offer for sale the Cameron Brown Building, a value-add, multi-tenant office building located in downtown Charlotte, North Carolina.
The Cameron Brown Building (the “Property”) is a 13-story office building developed in 1971 and renovated in 2012. The Property offers 184,144 square feet of rentable space and is easily accessible due to its proximity to all major thoroughfares and local transit systems. Approximately 79.2% occupied, the asset sits in Charlotte’s Central Business District and within walking distance of Charlotte’s most visible points of interest including Bank of America’s headquarters, Wells Fargo’s East Coast Headquarters, Spectrum Arena, and Bank of America Stadium. The Property offers prospective investors a generational opportunity to acquire significant critical mass, well below replacement cost, in burgeoning downtown Charlotte. Current market conditions further complement the rare opportunity that exists for a potential investor to lease up existing vacancy at attractive, rapidly rising rates. Downtown rental rates have grown more than 18% in the past twenty four (24) months and the current Downtown vacancy rate is at a six year low of 8.7%, creating a highly favorable leasing scenario.
The Cameron Brown Building is a prominent office building that greatly benefits from Charlotte’s dynamic, thriving, and expanding economy. Charlotte has become nationally recognized for fostering an economic environment that attracts a diverse range of industries - technology, healthcare, education, energy, transportation, and legal and professional services - which have bolstered strong fundamentals in this thriving market as direct vacancy fell to 8.7% in 2016. Vacancy in the Charlotte market is at its lowest point since 2007 after more than 7.2 MSF of positive net absorption in the past five years. These factors are suggestive of an office market with high stabilized occupancy and will provide investors with attractive investment returns. Located in Charlotte’s coveted CBD submarket, the asset is positioned to experience strong future rent growth as investment continues to flow into the region and the office market tightens.
Auctioneer
Michael Carr
AUC8509 / RE258563
Due Diligence
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Eligible brokers may receive a 0.5% fee when representing the winning bidder.
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Disclaimers
The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions. Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property. You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
